Term
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Definition
| The study of how people choose to use thier limited resourses to produce, exchange, and consume goods and services. |
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Definition
| when society needs exceed the ability of the the economy to meet these needs |
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Definition
| go hand in hand because od scarcity choices must be made |
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Definition
| study of what is in the economy |
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Term
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Definition
| Study of what ought to be the economy |
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Term
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Definition
High level of employment
Price Stability
Effidicy
Equal distrobution of income
Growth
reduction of polution,economic freedom,economic security |
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Definition
| factor any item put into the production process |
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Definition
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Definition
| land,labor,capital,managment |
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Definition
| determins the allocation of scarce resources |
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Term
| PPC(product posability curve) |
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Definition
represents possible combanation of two products based on availible resources
affected by Phyisical resorces,skills and tech,wllingnes to work,investment |
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Term
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Definition
illistation of how the quantity demanded will change as the price changes
affected by cchange in price of related goods,change in consumer income,change in consumer tastes,change in population |
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Term
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Definition
illistation of the quantity supplyed change as price changes
affected by,change of price of goods used to produce the product,change in tech,change in number of sellers |
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Term
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Definition
| the satifaction the people enjoy from consuming goods and services |
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Term
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Definition
| the increese in satifaction when the consumption of that item is increesed by one unit |
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Term
| Law of diminishing Marginal utility |
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Definition
| as more goods are consumed of a givin period of time its utily will decreese |
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Term
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Definition
| largest sum of money the consumer is willing to spend |
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Term
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Definition
reflects desires but behavior dependson abilty to buy
that depeond and the individuals income |
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Term
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Definition
| measure the responsive neess to the supply and demand curve |
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Term
| posative cross price elacticity |
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Definition
| incresse in prices of one will cause an incresse in demand for the other product |
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Definition
| tells how much output can be produced froma givin combanation of inputs |
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Term
| TPP total physical product |
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Definition
| quantity of output produced and the quantity of one of the inputs is changed |
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Term
| Law of diminishing returns |
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Definition
| as more of a variable input is combined with fixed inputs,eventually the marginal physical product of the variable input will decline |
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Term
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Definition
| no goverment interferance |
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