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Definition
| Problem that occurs where there is limited production |
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Term
| Four factors of production |
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Definition
| Land, Capital, Labor, and Skills/knoledge |
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Definition
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Definition
| What to produce, How to produce, for WHom to produce |
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Definition
| Direct result of scarcity, when you give up something in place of something else |
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Term
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Definition
| Allocation and production based on buyers and sellers |
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Term
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Definition
| The govt. controls all decesions of production and allocation, limited to no consumer choice |
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Term
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Definition
| Govt and private businesses control production and allocation of goods |
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Term
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Definition
| (giving something specific to increase job productivity) Leads to an increase in productivity |
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Term
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Definition
| Marginal benefit must outweigh the marginal cost |
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Definition
| When businesses are in direct contest to sell their products |
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Definition
| One of the goals of economics associated with fairness |
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Definition
| The term associated with when the govt. gets involved with industry to ensure quality and safety of products- Rules companies have to follow |
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Definition
| An incentive entrepreneurs have when getting into business |
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Term
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Definition
| PArt of a circular flow diagram that shows where human resources are exchanged for wages, salary, or income |
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Term
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Definition
| PArt of a circular flow diagram that shows where payments were exchanged for finished goods or services |
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Term
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Definition
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Definition
| If many new sellers enter a market, prices will go down |
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Term
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Definition
| Equlibrium in an economy, |
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Term
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Definition
| A large reaction to a relatively small change in price |
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Term
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Definition
| When a single person owns a business |
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Term
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Definition
| Multiple people owning a business |
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Term
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Definition
| The company has liability, not just the boss |
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Term
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Definition
| Selling an identical product |
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Term
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Definition
| Selling similar but not identical products |
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Definition
| When one company dominates the market |
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Definition
| One good that could be used if the price of a like item went up |
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Term
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Definition
| Govt mandated max price you can charge for something |
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Term
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Definition
| Govt mandated Minimum price you can charge for a product |
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Term
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Definition
| A study of small components of a certain economy and looks at each detail |
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