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| is an individual or group of individuals that occupy a single housing unit (apartment, condo, or house) and shares common living expenses. |
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Definition
| is an individual or group that works to produce a certain good or service. |
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| provides law and order, structure, and even necessary goods and services that might otherwise not be provided by what market demand (i.e., national defense, maintaining public parks and monuments, and the like). |
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Definition
| is the study of how these economic actors make decisions and are impacted by the allocation of resources. |
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Definition
| the action of households, businesses, and government depending on each other in order for the economy to function smoothly |
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| Circular Flow of Economic Activity |
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Definition
| the economic flow of money between households, businesses, and government. |
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Definition
| goods that are sold to consumers for final consumption. |
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Term
| Resource, or Factors, Market |
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Definition
| goods for the purpose of improving and/or increasing production. |
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Term
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Definition
| anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region. |
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Definition
| buyers and sellers determine what will be produced and for whom. |
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Definition
| refers to how much of a certain good is available to consumers. |
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Definition
| refers to how much consumers want the particular good. |
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Definition
| states that producers will only produce a good that will yield them profit because it is something that consumers want. |
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Definition
| states that consumers will only demand/buy a product for which they have a need or want and that is set at a price they are willing and able to pay |
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Definition
| the amount of money for which producers are willing to sell their product to consumers. |
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Term
Equilibrium, or Market-clearing, Price
equilibrium or market-clearing price |
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Definition
| the price at which producers are willing to make the same amount of a product that consumers demand. |
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Term
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Definition
| tells how much of the product that sellers are willing to part with at various price levels. |
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Term
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Definition
| tells how much of the product buyers are willing to purchase at a various price level. |
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Term
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Definition
| when a supply of a certain good falls short of demand |
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Term
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Definition
| when supply exceeds demand |
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Term
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Definition
| the sensitivity of price to supply and demand and its tendency to fluctuate as supply and demand change |
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Term
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Definition
| what is desirable to a consumer; will vary among consumers |
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Definition
| a good that can be used in place of other goods |
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Definition
| goods that work together to fulfill a certain need |
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Term
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Definition
| a general rise in prices for most products throughout an economy |
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Definition
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Term
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Definition
| amount of money a borrower pays to a lender in exchange for the use of that lender's money |
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Definition
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Definition
| the minimum amount that producers can pay employees for their labor |
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Term
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Definition
| minimum price below which the price of a good or service is not permitted to drop |
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Term
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Definition
| maximum price above which price of a good is not permitted to rise |
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Term
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Definition
| two or more businesses independently trying to win the business of a third party |
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Definition
| a market in which businesses can compete with each other fairly, without any government regulations or non-economic factors dictating price, supply, or demand for a product |
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Term
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Definition
| products are similar but not identical in quality |
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Term
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Definition
| a market structure in which there is only one producer of a given good or service and there are no adequate substitutes |
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Definition
| a market in which there are only a few producers |
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Definition
| a business owned by an individual or the members of a household |
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Definition
| type of business in which two or more people pool their resources and share the risks and profits of the business |
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Definition
| a firm that exists as a legal entity in the same way a person does, and which is usually owned by a number of shareholders |
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Term
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Definition
| represents ownership in a corporation; the more stock one owns, the larger the amount of the company owned |
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Definition
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Term
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Definition
1.Demand Curve
2.Surplus
3.Supply Curve
4.Price Floor
5.Equilibrium
6.Price Ceiling
7. Shortage |
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