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| any human resource that is used to create other goods and services |
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| a situation in which a good or a service is unavailable |
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| land labour and capital; the three groups of resources that are used to make all goods and services |
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| deciding weather to do or to use one additional unit of some resource |
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| using resources in such a way as to max. the production od the goods and services |
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| shifts factors of production from one good to another...the cost of making the second good increases |
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| the most desirable alternative given up as a result of a decision |
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| an alternative that we sacrifice when we make a decision |
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refers to trade offs
more or less military or consumer goods |
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scarcity does NOT = shortage
shortage- will not or can not offer goods/service
scarcity- ALWAYS exists cause of needs and wants |
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resources improve technology and and inprovement in technology lead to decreaded necessity for people
as tech. improves work hours decrease |
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| the skills and knowledge gained by a worker through eduacation and experience |
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all human made goods that are used to produce other goods and services
ex:tools and buildings |
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Term
| productions possibility curve |
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Definition
| a graph that shows an alternative ways to use an economies resources |
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| using fewer resources than an economy is capable of using |
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| centrally planned economy |
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Definition
| central gov't makes all decisions on the production and consumption of goods and services |
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Definition
| the struggle among producers for the dollars of consumers |
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| the concentration of the productive efforts of individuals and firms on a limited number of |
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| households purchase the goods and services that firms purchase |
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| an expectation that encourages people to behave in a certain way |
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| the method used by a societyto produce and distribute goods and services |
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| market-based economic system with limited government involvement |
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| economic system in which decisions on production and consumption of goods and services are based on voluntary exchange markets |
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| a political system charactrerized by a centrally planned economy with all economic and political power resting in the hands of the central government |
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| a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout society |
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| large farm leased from the state to groups of peasent farmers |
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| the concerns of the public as a whole |
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| an economic side effect of a good or a service that generates benefits or costs to someone other than the person deciding how much to produce or consume |
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| govenrment aid to the poor |
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| an economic system characterized by private or corporateownership of capital goods (free market) |
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| the process used to produce a good or service |
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| a shared good or service for which it would be impracitical to make consumers pay individually and to exclude nonpayers |
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| someone who would not pay but get the benefits anyways |
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| consumers buy more of a good when its price decreases and less when its price increases |
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| a good that consumers demand less of when their incomes inrease |
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| the total amount of money a firm receives by selling goods and services |
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| a latin phrase that means "all other things held constant" |
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| describes demand that is very sensitive to a change in price |
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| a measure of how consumers react to a change in price |
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| a graphic representation of a demand schedual |
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| a table that lists the quanity of a good a person will buy at each different price |
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| the cost of operating a facility, such as a store or factory |
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| a government payment that supports a business or market |
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| a cost that does not change no matter how much of a good is produced |
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| a measure of the way quantity supplied reacts to change in price |
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| the cost of producing one more unit of a good |
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| a cost that rises or falls depending on how much is produced |
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| a graph of the quantity supplied of a good at different prices |
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| a minimum price that an employer can pay a worker for an hour of labour |
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| the point at which quantity demanded and quantity supplied are equal |
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| situation in whcih quantity demanded is greater than quantity supplied; aka excess demand |
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| a system of allocating scarce goods and services using criteria other than prices |
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Definition
| a market in which goods are sold illegally |
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| a price ceiling placed on rent |
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| a max. price that can be legally charged for a good or a service |
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Definition
| describes any price or quantity not at equilibrium; when quantity supplied isnot equal to quantity demamnded in a market |
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| sudden shortage of a good |
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Definition
a monopoly created by the government
obvss |
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Definition
| division of customers into groups based on how much they will pay for a good |
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| a market structure in whcih many companies sell products that are similiar but not identical |
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| a way to attract customers through style, service, or location, but noit a lower price |
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a formal organization of producers that agree to coordinate prices and production
(Gangssss) |
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| market structure in which a large numebr of firms all produce the same product |
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| a product that is ALWAYS the same no matter who produces it |
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| a market structure in which a few large firms dominate a market |
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| laws that encourage comepetitoon int he market place |
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| a market that runs most efficiently when oen large firm supplies all the output |
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| avg. cost per unit to falll |
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| a business owned and managed by a single individual |
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| a legal entity owned by individual stockholders |
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| payment other than wages or salaries |
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| money and other valuables belonging to an individual or business |
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| all nonmilitary people who are employeed or unemployed |
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| certificate of ownership in a corporation |
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