Term
| Change in quantity supplied |
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Definition
| change in amount offered for sale in response to a price change; movement along the supply curve (106) |
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| ruling requiring a company to stop an unfair business practice that reduces or limits competition (169) |
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| different amounts offered for sale offered at each and every possible price in the market; shift of the supply curve (106) |
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| written govt approval to establish a corp; includes company name, address, purpose of business, numbers of shares of stocks and other features of business (59) |
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| economy system characterized by a central authority that makes most of the major economic decisions (33) |
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| nonprofit service cooperative that accepts, deposits, makes loans, and provides other financial services (70) |
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| cash payment making up the difference between the market price and the target price of an agricultural crop (145) |
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Definition
| graph showing the quantity demanded at each and every possible price that might prevail in market at a given time (84) |
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| listing showing the quantity demanded at all possible prices that might prevail in market at a given time (84) |
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| stage of production where output increases at a decreasing rate as more units of variable input are added (115) |
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| increasingly efficient use of personnel, plant, and equipment as a firm becomes larger (159) |
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Definition
| a small change in price with a relatively large change in the quantity demand. |
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| price where quantity supplied equals quantity demanded; price that clears the market (138) |
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| productive resources that make up the four categories of land, capital, labor and entrepreneurship (9) |
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Definition
| cost of production that doesn’t change when output changes (118) |
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| unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm (57) |
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Definition
| sum of peoples’ skills, abilities, health and motivation (23) |
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Definition
| a small change in price with only a relatively small change in the quantity demand. |
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| organization that works for its members interests concerning pay, work hours, health coverage, fringe benefits, other job related matters (70) |
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Definition
| rule stating that more will be offered for sale at high prices than lower prices (106) |
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Term
| Law of Variable Proportion |
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Definition
| rule stating that short-run output will change as one input is varied while others are held constant (111) |
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| item intentionally sold below cost to attract customers (138) |
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Definition
| decision making that compares to the extra cost of doing something to the extra benefits gained (121) |
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Definition
| extra cost of producing one additional unit of production (119) |
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Definition
| extra output due to the addition of one more unit of input (114) |
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Definition
| condition of price stability where the quantity demanded equals the quantity supplied (134) |
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Definition
| market where any of the requirements for a competitive market—adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits—are lacking (163) |
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Definition
| market structure having all conditions of pure competition except for identical products; form of imperfect competition (155) |
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| an economic institution that operates like a business but does not seek financial gain (Ex: schools, churches, community service organizations) |
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Definition
| market structure in which a few large sellers dominate and have the ability to affect prices in the industry; a form of imperfect competition |
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Definition
| cost of the next best alternative use of money, time, or resources when one choice is made rather than the other |
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| an unincorporated business owned and operated by 2 or more people who share the profits and have unlimited liability for the debts and obligations of the firm |
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Definition
| maximum legal price that can be charged for a product |
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| lowest legal price that can be charged for a product |
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| the concept giving the people the right to control their possessions as they wish; a characteristic of capital and free enterprise |
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| a requirement forcing a business to reveal info about its products of operations to the public |
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| economic product that can be consumed collectively (Ex. Highways, national defense, police and fire protection) |
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| market structure characterized by a long number of independent and well informed buyers and sellers of an identical product none of which are large enough to influence the price along with relative ease of entry and exit in the industry |
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| a system of allocating goods and services without prices |
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| the fundamental economic problem facing all societies that result from a combination of scarce resources and people’s unlimited wants |
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| a situation where quantity supplied is less than quantity demanded at a given price |
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| phases of production increasing, decreasing and negative returns |
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| government payment to encourage or protect a certain economic activity |
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Definition
| responsiveness of quantity supplied to a charge in price |
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| a situation where quantity supplied is more than quantity demanded at a given price |
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| economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habitat, or custom |
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| elasticity where a change in the independent variable (usually the price) generates a proportional charge of the dependent variable (quantity demanded) |
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Definition
| ability or capacity of a good or service to be useful and give satisfaction to someone |
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| production cost that varies as output changes; labor, energy, raw materials |
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| act of buyers and sellers freely and willingly engaging in market transactions; a characteristic of capitalism and free enterprise |
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