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| what are the 3 economic questions |
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| a product used in another good |
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| when the state/ gov. manages the economy |
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| a good produced for final use |
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| a good lasting more than 3 years |
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| prodiced limited quantity |
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| what are the 3 factors of production |
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| land, labor, and capitol goods |
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| products satisfying market needs |
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| adopted ideas of free markets and neoclassical economics |
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| when production, price, and distribution is controlled by the market |
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| both private and state ownership |
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| what's a non-durable good |
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| a product lasting less than 3 years |
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| the benefit of your 2nd choice you are giving up |
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Term
| how do you use opportunity cost in a sentence |
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Definition
| "the opportunity cost of (1st choice) is the benefit of you (2nd choice)." |
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| on a PPF model, what does it mean if a point moves but it's still on the line? |
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Definition
| it means you are using all resources effently |
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Term
| on a PPF model what does is mean if the new point is inside the line? |
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Definition
| it means that there is insufficent use of your products |
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Term
| how do you find opportunity cost |
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Definition
| you subtract the new amount on the y axis from the old or lesser amount |
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| the anount of output per unit of input |
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| unlimited wants vs. limited needs |
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| work done by a person or group that benefits another |
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| little use of money and low unemployment rate |
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| what are the 3 components of demand |
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Definition
| desire, ability, and willingness |
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Definition
| when a new quantity is demanded at every price |
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Term
| how does a change in supply/demand look on a graph? |
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Definition
increase: shifts to the right
decrease: shifts to the left |
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Term
| change in quantity demanded on a graph |
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Definition
| the line moves up or down |
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| change in quantity supplied |
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Definition
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| when a new quantity is supplied at every price |
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| quantity demanded or supplied is responsive to a change in price |
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| when supply and demand = eachother |
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| explaining why the price changed |
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| not responsive to change in price |
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| quantity demanded of an economic product varies with price |
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| quantity supplied for an economic product varies directly with its price |
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| the extra usefulness derived from getting one more unit of product |
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| a limit on how high a price can change |
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| where prices are not allowed to fall below |
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| price is too low or quantity supplied is less than demanded |
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| the price of your good while a the price of a substitute is changing another good |
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| where (on a graph) values for goods are, and its quantity |
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| to high of supply and too little demand |
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| 900 companies, and the smallest exchange |
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| sellers outnumbering buyers |
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| how much a buyer is willing to pay |
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| given amount of money that can't be used until a certain time |
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| where buyers outnumber sellers |
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| production and distribution are privately or coorporately owned |
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| a combination of independent buisness orgs. are formed to regulate production |
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| people put stocks on credit and didn't pay them back |
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| computers automatically sold stocks which caused a domino effect |
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| the part of earnings that's distributed to shareholders |
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| a group of 30 blue chip stocks held on average |
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| the central banking system of the US |
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| where many competing producers sell products that are different |
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| many buyers but one seller |
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| 5000 companies, all on computers, has the most companies |
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| money not directly exchangeable for goods but can be converted to cash |
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| 3000 companies, large companies |
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| the lowest price any investor is willing to sell |
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| control of a commody is in the hands if a small number of producers |
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| not availible to everyone |
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| availible to the general public |
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| large number of independent sellers of standardized products |
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| sells previously used securities |
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| properity and money is controlled by the community |
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| difference btwn. a bid and an offfer |
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| partial ownership of a company but no say in it |
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| polices created to help non dominant groups |
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| the demand and supply of macroeconomics |
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Term
| what is the equation for aggregate demand |
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Definition
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| when revenue/ expendentures= eachother |
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| a commonly used measure of changes in the general price level |
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| when inflation comes from a supply when production costs increase |
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| calculated by using todays dollars |
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Term
| cyclically balanced budget |
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Definition
| when revenue/expenditures= eachother over a year |
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| gov. expenditureexceeds income from taxation |
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Definition
| when the realitive increase and the orice and quantity deoend on the slope |
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| your income after tax deductions |
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| the shipping of a product outside of the region |
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| human services, social sec., treasury, and dept. of defense |
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| distribution between groups in society who own different factors of production |
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| to reach full employment without inflationary effects |
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| the total market values of goods and services produced by workers |
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| TOTAL income before deductions |
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| goods from another country |
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| a general or progressive increase in prices |
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| all working people (16-65) who are working or want work |
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| caused by changed supply/ demand conditions |
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| distribution among individuals families |
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| inverse relationship btwn inflation/ unemployment |
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Definition
| the higher the income the higher the % of tax |
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| a perscribed # or share for a person to meet |
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| measure of the size of an economy adjusted for price changes |
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| the lower your income the higher the % of taxes because it is set high |
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| the entire income before deductions |
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| members most suited for a specific activity |
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| human services, transportation, and judicial |
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| people ACTIVELY seeking jobs |
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