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Definition
| Land, Labor, Capital, Entrepreneurship. |
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| The physical and intellectual effort of people engaged in producing goods and services. |
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| A natural-state resource such as real estate, grasses & forests, and metals and minerals. |
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| The manufactured goods used to make and market other goods and services. |
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Definition
| The knowledge and skills acquired by labor principally through education and training. |
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Definition
| The people who alone assume the risks and uncertainties of a business. |
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Definition
| The various combinations of goods that can be produced in an economy when it uses its available resources and technology efficiently. |
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Definition
| A country's ability to produce a good using fewer resources than the country with which it trades. |
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Definition
| A country's ability to produce a good at a lower opportunity cost than the country with which it trades. |
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Term
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Definition
| The quantity of other goods that must be given up to obtain a good. |
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Definition
| The opportunity of producing a good increases as more of the good is produced. |
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Definition
| The less than full utilization of a resource's production capabilities. |
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Definition
| The maximum production of goods and services generated by the fullest employment of the economy's resources. |
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Term
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Definition
| An idea that becomes an applied technology. |
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Definition
| The division of labor into specialization activities that allow individuals to be more productive. |
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Term
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Definition
| A group of buyers and sellers of a particular product |
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Term
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Definition
| A market with many buyers and sellers, each has a negligible effect on price. |
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Term
| Change in Quantity Demanded |
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Definition
| A movement along a fixed D curve occures when P changes. |
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Term
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Definition
| The claim that quantity demanded of a good falls when the price of the good rises, other things equal. |
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Term
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Definition
| A table that shows the relationship between the price of a good and quantity demanded. |
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Term
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Definition
| The claim that the quantity supplied of a good rises when the price of the good rises, other things equal |
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Term
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Definition
| A table that shows the relationship between the price of a good and the quantity supplied. |
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Term
| Chang in Quantity Supplied |
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Definition
| A movement along a fixed S curve when P changes. |
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Term
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Definition
| P has reached the level where quantity supplied equals quantity demanded. |
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Term
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Definition
| A shift in the S curve occurs when a non-price determinant of a supply changes (like technology or other costs) |
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Term
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Definition
| The amount that sellers are willing and able to sell |
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Term
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Definition
| A shift in the D curve occurs when a non-price determinant of demand changes (like income or # of buyers) |
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Term
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Definition
| Two goods if an increase in the price of one causes an increase in demand for the other |
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Term
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Definition
| Two goods if an increase in the price of one causes a fall in demand for the other. |
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Term
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Definition
| increase in income causes in quantity demanded at each price, shifts D curve to the right |
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Term
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Definition
| An increase in income shifts D curves to the left. |
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Term
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Definition
| The amount of the good that buyers are willing and able to purchase. |
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Term
| Perfectly competitive market |
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Definition
| all goods exactly the same, buyers and sellers so numerous that no one can affect market price - each is a "price taker" |
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