Term
|
Definition
The study of how individuals or groups use scarce resources to fufill their wants and needs. |
|
|
Term
|
Definition
| Not having enough resources to produce. |
|
|
Term
|
Definition
| The alternative you face when you choose one thing or another. |
|
|
Term
|
Definition
| Something we would like to have, but is not required for living |
|
|
Term
|
Definition
| Something that we must have in order to live. Ex: Food |
|
|
Term
|
Definition
| Tangible product that we use to satisfy our wants and needs |
|
|
Term
|
Definition
| Work performed by a person to to satisfy another persons wants or needs. |
|
|
Term
|
Definition
| The amount of goods and services that producers are able and willing to sell. |
|
|
Term
|
Definition
| The willingness and ability to buy a good or service. |
|
|
Term
|
Definition
| The price at which the amount producers are willing to supply is equal to the amount the consumers are willing to buy. |
|
|
Term
|
Definition
| Quanity demanded is greater than quanity supplied. |
|
|
Term
|
Definition
| When quanity supplied is is greater than quanity demanded. |
|
|
Term
|
Definition
| Competing product or service that can be used in place of another product or service. |
|
|
Term
|
Definition
| If demand is held constant, an increase in supply leads to a decreased price, while a decrease in supply leads to an increased price. |
|
|
Term
|
Definition
| If supply is held constant, an increase in demand leads to an increased market price, while a decrease in demand leads to a decreased market price. |
|
|
Term
|
Definition
| The economic principle that the price charged for a product is determined by the level of demand and the quantity available. |
|
|
Term
|
Definition
| A product often used with another product, for example: coffee and sugar. |
|
|
Term
|
Definition
| Sustained increase in the general level of prices. |
|
|
Term
|
Definition
| The reduction of general economic activity, including lower prices and a reduced supply of money and credit. |
|
|
Term
|
Definition
| Government-issued index of the retail prices of basic household goods and services. |
|
|
