Term
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Definition
| goods and services used together |
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Term
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Definition
| what consumers want to purchase |
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Term
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Definition
| payments made to secure resources |
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Term
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Definition
| where supply and demand set the perfect price and quantity |
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Term
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Definition
| land, labor, capital, and human capital |
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Term
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Definition
places use reasources to buy goods and servivces |
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Term
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Definition
| cell resources buy goods and services |
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Term
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Definition
| lower price level increases buying power |
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Term
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Definition
| a good that is bought less as as income increases |
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Term
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Definition
Firms and house holds act on their own self interests whuch promotes social good. -Adam Smith |
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Term
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Definition
| an increase in price will decrease the quantity in demand |
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Term
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Definition
| an increase in price will increase supply |
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Term
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Definition
| where buyers and sellers come together |
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Term
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Definition
| anything excepted for goods or services |
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Term
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Definition
| goods purchased when incomes rise (opposite of inferior good) |
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Term
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Definition
| what must be sacrificed to recieve goods or services |
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Term
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Definition
| firms sell products to households |
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Term
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Definition
| oppurtunity cost between two goods |
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Term
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Definition
| items that help produce goods and services |
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Term
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Definition
| households sell resources to firms |
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Term
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Definition
| the quantity demanded exceeds the quantity supplied |
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Term
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Definition
| a good or service that can be used in place of another. |
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Term
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Definition
| amount of goods and services offered at a profit |
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Term
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Definition
| the quantity supplied exceeds the quantity demanded |
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