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Definition
| When a country or company can produce a good or service at a lower cost than other countries or companies |
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| The difference between a country's total exports and total imports |
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| Point at which revenue is sufficient to cover all costs |
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Definition
| Provides detailed plan for the financial needs of individuals, families, and businesses |
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Definition
| A series of periods of growing and shrinking economy activity |
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Definition
| All resources are government-owned and production is coordinated by the central plans of government |
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| Two goods that are used together |
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| A measure of the average change in prices of a certain number of goods and services |
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Definition
| Actual spending is greater than planned spending |
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Definition
| Quantity of a good or service consumers are willing and able to purchase at a particular price |
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Term
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Definition
| Set of mechanisms and institutions that resolve the what, how, and for whom questions |
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Definition
| The price at which the quantity of a good or service that suppliers will produce and the quantity that consumers will demand is the same |
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Definition
| Prices for goods or services used to operate a business |
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Definition
| Goods and services sold to other countries |
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Definition
| Costs that a business absorbs regardless of the number of units it produces |
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Term
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Definition
| Costs that occur regularly and are the same amount each time |
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Term
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Definition
| An item you can see, feel, and touch |
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Term
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Definition
| The total dollar value of all goods and services produced in a country during one year |
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Term
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Definition
| Goods and services bought from other countries |
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Term
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Definition
| Sustained increase in the general price level |
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Term
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Definition
| Consumers will tend to purchase less of a good or service at higher prices and more at lower prices. |
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Term
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Definition
| Producers are willing to sell more of a good or service at higher prices than at lower prices. |
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Term
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Definition
| No government involvement so that private firms account for all production |
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Term
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Definition
| The percent of the entire market that purchases your product instead of a competitor’s product |
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Term
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Definition
| Mixes central planning with competitive markets |
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Term
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Definition
| Needs Things that are required in order to live |
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Term
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Definition
| Level of GDP that is not adjusted for inflation |
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Definition
| Value of the next-best alternative that you did not choose |
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Term
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Definition
| After budgeting for necessities and before spending anything for wants, tuck money away for financial emergencies |
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Term
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Definition
| Production output in relation to a unit of input, such as a worker |
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Definition
| Difference between what a business earns and what it spends |
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Definition
| Level of GDP if prices were to remain unchanged from year to year |
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Term
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Definition
| Income earned from the sale of goods and services |
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Term
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Definition
| Estimate of the dollar volume or unit sales that might occur during a future time period |
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Definition
| Lack of enough resources to satisfy a person's wants |
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Definition
| Work that you can buy (effort of people or by equipment) |
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Term
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Definition
| Quantity demanded is greater than the quantity supplied |
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Definition
| Group of workers perform certain tasks or group of tasks |
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Definition
| Goods that can replace each other |
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Definition
| A cost you have already incurred and cannot recover, regardless of what you do now |
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Term
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Definition
| Quantity of a good or service producers are willing and able to sell at a particular price |
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Term
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Definition
| Amount supplied is greater than the amount demanded |
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Term
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Definition
| Imports more than it exports |
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Term
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Definition
| Exports more than it imports |
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Term
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Definition
| An economic system in which the means and method of production are passed from one generation to the next |
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Term
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Definition
| Costs that rise or fall depending on how much of a good or service is produced |
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Definition
| Living costs involving different amounts each time and are usually more difficult to estimate than fixed costs |
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Definition
| Things that add comfort and pleasure to your life |
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