Term
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Definition
| anything that can be used to produce a product to satisfy human desires |
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Definition
| any natural resources (water, trees,minerals, soil rivers) |
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Term
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Definition
| the human mental and physical abilities |
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Term
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Definition
| anyone that is willing and able to take a risk and give money to the production of a product |
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Term
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Definition
| anything that is in limited supply and has a price |
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Term
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Definition
| man made resources which indirectly satisfy human needs |
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Term
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Definition
| humans have unlimited desires, but there are only limited resources |
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Term
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Definition
| something that you give up to have something else |
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Term
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Definition
| a way to divide up resources in an economy |
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Term
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Definition
what and how much of something to be produced?
who to produce for?
how to produce? |
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Term
| production possibility curve |
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Definition
| a way to show how much a firm can produce when all of its resources are being used fully |
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Term
| disadvatages of a free market economy |
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Definition
-to many demerit goods
- too little merit goods
-firms can become monopolies
- resources can be used to quickly causing environmental damage |
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Term
| disadvantages of a planned economy |
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Definition
- economies are to complicated to be planned
- governments take away rights and liberties of the people
- there is no work incentive
- there are no prices on goods |
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Term
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Definition
a statement which can be proved correct or incorrect
Asian markets raised 3% yesterday. |
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Term
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Definition
anything that is an opinion
"African oil prices had an atrocious drop after terrorist attacks." |
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Term
| difference between macro and microeconomics |
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Definition
| macroeconomics is the encompassing of entire economies and how they grow and change through inflation and other things while microeconomics just focuses on individuals and their growth and change through income |
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Term
| economic growth vs. economic development |
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Definition
| economic growth is the national income per capita while economic development deals with economic growth as well as the welfare aspect of an economy |
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Term
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Definition
Resource Market
Payment Profit, Rent,Interest,Wages
Resources Land,Labor,Capital, Entr.
Firm Households
Revenue Expenditures
Products Product Market Goods/Services |
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Term
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Definition
| quantity of a good/service a consumer is willing and able to purchase at a given time |
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Term
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Definition
| as price falls, the demand for a product will increase (movement along a demand curve) |
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Term
| determinants of demand (demand shifters) |
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Definition
I income of consumers
N number of consumers
E expectations
P price of related goods
T tastes |
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Term
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Definition
| the quantity of a product a firm is willing and able to produce at a given time |
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Term
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Definition
| as price increases the quantity supplied will increase (movement along a supply curve) |
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Term
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Definition
P price of substitute goods
R resource prices
E expectations
T taxes and subsidies
N number of suppliers
T technology |
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