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Definition
| provides one with utility |
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| provides one with disutility |
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| provides the owner satisfaction from a good |
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| dissatisfaction from a bad |
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Definition
| Land, Labor, Capital, Entrepreneurship |
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Definition
| natural resources from minerals to water, oil, wood and animals |
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| using ones physical or mental talents that contribute to a process |
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Definition
| having more produced goods that develop production, factories, machinery, computers, buildings. factories and machinery |
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| talent that one has for organizing land, labor, and capital to make goods, businesses, and development |
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| resources are finite, not enough to satisfy our wants. |
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| because there is scarcity |
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| a means to determine who gets what (dollars) |
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| what next best action or result you sacrifice when you choose between to actions |
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| benefits connected with consuming an additional good or action |
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| costs connected with consuming an additional good or action |
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| weighing the additional benefits vs costs of a change |
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| when marginal costs and benefits weigh evenly |
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| stopping right when you reach the efficient cross point |
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| something that encourages or motivates a person to undertake and action |
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| (trade) giving up one thing for another |
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Definition
| all other things constant, how one change effects the outcome |
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Term
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Definition
| abstract representation of real world designed to better understand it |
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Definition
| focusing on a limitied number of variables to explain or predict and event |
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Definition
| attempts to determine what is |
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Term
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Definition
| dels with human behavior and choices as they relate to relatively small units, firms, an industry, a single market, |
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Term
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Definition
| human behavior and choices as they relate to highly aggregate markets, the goods or an entire economy |
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Term
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Definition
| Two Variable are directly related if they change in the same way |
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Definition
| Two variables are inversely related if they change |
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Definition
| two variables are independent if, as one changes, the other does not |
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Definition
| the ratio of the change in the variable on the vertical axis to the change in the variable on the horizontal axis |
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Term
| how to find the slope of a curve |
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Term
| Production Possibilities Frontier |
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Definition
| amount of production that can happen, with the available resources |
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Term
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Definition
| how much you sacrifice of one unit of production to develop another |
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Term
| Increasing opportunity cost |
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Definition
| As more of a good is produced the more the cost of the good is increased, taking from other groups |
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Definition
| The condition where the maximum output is produced with the given resources and technology (lie on the production possibilities frontier) |
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| a point that lies anywhere under the maximum output |
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Definition
| one is not using all the resources available to them |
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Definition
| refers to the body of skills and knowledge involved in the us of resources in production. Advancements increase the ability to produce with some product but less resources |
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Definition
| the ability to produce a good at a lower opportunity cost then another |
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Definition
| the willingness and ability of buyers to purchase different quantities of a good at different prices during a specific time period |
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Definition
| Any place people come together to trade |
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Definition
| As price of a good rises the quantity demanded of the good falls and as the price falls, and as the price of a good falls, the quantity demanded of the good rises, ceteris paribus |
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Definition
| the number of units of a good that individuals are willing and able to buy at a particular price |
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Definition
| for a normal good demand rises as income rises and demand falls as income falls |
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Definition
| demand rises when income falls, and demand falls when income rises |
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Term
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Definition
| demand is not infected by income rise or fall |
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Term
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Definition
| two goods that satisfy the dame need. If the cost of one of the goods goes up, then the demand goes up for the other good |
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Term
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Definition
| Two goods that are consumed jointly, higher costs for one god will reduce the demand for the other good |
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Definition
| Income, preferences, prices of related goods, number of buyers, expectations of future price |
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| causes in change of quantity demanded |
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Definition
| price of good no shift in line |
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Definition
| willingness and ability of sellers to produce and offer to sell different quantities of a good, at different prices, during a specific time period |
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Term
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Definition
| as the price of a good rises, the quantity supplied of the good rises and the as the price of a good falls, the quantity supplied of the good falls, ceteris paribus |
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