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| to obtain more of one thing the society forgoes the oppirtunity of getting the next best thing.(Oprah) |
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| study of the economy as a whole or basic subdivisons or aggregates a( gov't business sectors and household) |
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| the need to make choices because economic wants exceed economic need |
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| budget line (Budget constraint) |
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| range of products available to the indivdual consumer |
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all natural, human, and manufactured resources that go into the production of goods and services |
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Land Labor Captial Entrpreneurial ability |
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includes all nature resources ( the gift og nature) production process aravbel forests, mineral and oil desposits etc... |
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| constists of the physical and mental talents of the indivdual used in producing goods and services |
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| all manufactured aids used in producing consumer goods and services |
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| special human resource , they are risk bearers,make stragetic business decisions etc... |
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| law of increasing opportunity costs |
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| " as the production of a particular good increases the opportunity cost of the producing the product and addtional unit rises |
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| marginal benefit= marginal cost |
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command system (socialism/communism) |
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| the government owns the all property and resources andmake all economical deciscion for a specific country(russia) |
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market system (capitalism) |
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their is privat ownership of resources and the indivdual and the businesses achieve the economic goal in a society (US) |
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freedom of sellers to enter and leave a market two buyers/sellers acting independently in a particular product or resource market |
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| institiution that brings buyers and sellers into contact |
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Adam Smith( the wealth of nations) |
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| a curve that shows the various amounts of a product that consumers are willing and able to pruchase at a specific time ( down to the right) |
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chg in buyer taste chg in the number of buyers chg in income chg in the prices of related goods chg in consumer exceptions |
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a good that can be in place of another good |
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a good that is used together with another good ( chips and salsa) |
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products whose demand varies directly with money income (superior goods) |
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shows the various amounts of a product that producers are willing and able make available (increase upward from the left to right) |
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chg in resource prices chg in tech chg in taxes and subsidies chg in prices of other goods chg in the producer exception chg in number of suppliers |
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| chg. in quantity supplied |
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| movement of from one point to another on fixed supply fixed supply curve |
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| the quantity demanded and quantity supplied at the equilibrium price in com. market |
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| the production of any particular good in the least costly way |
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| particular mix of goods and services most highly valued by a society |
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| min. price fixed by the government a price at or above the price floor is legal a price below it is not legal |
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| max. legal price a seller may charge for a product or service |
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business owned and operated by one person ( high libablity) |
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| forms of business organization is a natural outgrowth of sole prop. two or more indivduals agree to own and operate the business together |
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a legal creation that can acquire resources,own assets, produce and sell products incur debts, extend credit |
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nonrivalry and nonexcudability certain goods and services ( national defense and street lights) |
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people benefit from public good w/o contributing to costs |
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(enviromental pollution) (spillover costs) |
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uncompensated spillov third parties accuring or community at large (wireless internet/education) |
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