Term
|
Definition
| humans have wants and needs |
|
|
Term
|
Definition
| humans' wants and needs can never be satisfied |
|
|
Term
|
Definition
| everything that satisfies a human want or need is either a good or service |
|
|
Term
|
Definition
| everything that satisfies a human want or need must be produced |
|
|
Term
|
Definition
| every production process that results in a good or service requires three types of resources: land, labor, and capital |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| is everything else one needs to produce an economic good or service in addition to the land and labor needed |
|
|
Term
|
Definition
| capital itself, is a produced good |
|
|
Term
|
Definition
|
|
Term
| Households that provide land |
|
Definition
| firms that need land for production receive a payment called rent |
|
|
Term
| Households that provide capital |
|
Definition
| firms that need capital for production receive a payment called interest |
|
|
Term
| Households that provide labor |
|
Definition
| firms that need labor for production receive a payment called wages |
|
|
Term
|
Definition
|
|
Term
|
Definition
| two or more entrepreneurs combine their resources to create or expand an existing business |
|
|
Term
|
Definition
| a legal entity owned by shareholders |
|
|
Term
|
Definition
| a political and economic theory that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole |
|
|
Term
|
Definition
| a political and economic theory derived from Karl Marx, advocating war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs |
|
|
Term
|
Definition
| and authoritarian and nationalistic right-wing system of government and social organization |
|
|
Term
|
Definition
| an economic and political system in which a country's trade and industry are controlled by private owners for profit |
|
|
Term
|
Definition
| is Latin for "formal with other conditions remaining the same" |
|
|
Term
|
Definition
| anything you pay to get rid of (pollution) |
|
|
Term
|
Definition
| a good for which there is no scarcity |
|
|
Term
|
Definition
| the mistaken assumption that what applies in the case of one applies to the case of many |
|
|
Term
|
Definition
| the mistaken assumption that because two events seem to occur together, one causes the other |
|
|
Term
|
Definition
| the study of economics at the level of the individual |
|
|
Term
|
Definition
| the amount of one good or service that must be given up to obtain one additional unit of another good or service, no matter how many units are being produced |
|
|
Term
|
Definition
| the ability to produce a good or service at a lower opportunity cost than someone else |
|
|
Term
|
Definition
| a place or service that enables buyers and sellers to exchange goods and services |
|
|
Term
|
Definition
| the direct exchange of goods and services without the use of money |
|
|
Term
|
Definition
| goods for which demand increases as income increases |
|
|
Term
|
Definition
| goods for which demand decreases as income increases |
|
|
Term
|
Definition
| goods that can be used in place of each other; as the price of one rises, the demand for the other rises (pizza, sub reference) |
|
|
Term
|
Definition
| goods that are used together; as the prices of one rises the demand for the other falls |
|
|
Term
|
Definition
| the amount that sellers are willing and able to offer at a given price |
|
|
Term
|
Definition
| factors that influence demand-income, tastes, prices of related goods |
|
|
Term
|
Definition
| factors that influence supply-prices of resources, technology and productivity |
|
|
Term
|
Definition
| prices at which quantity demanded and quantity supplied are not equal at a particular price |
|
|
Term
|
Definition
| a situation in which the price is not allowed to decrease below a certain level |
|
|
Term
|
Definition
| a situation in which the price is not allowed to rise above a certain level |
|
|
Term
|
Definition
| the authority of consumers to determine what is produced through their purchases of goods and services |
|
|
Term
|
Definition
| households, businesses, and the international sector |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| a business organization controlled by a single management |
|
|
Term
|
Definition
| the situation that exists when imports are less than exports |
|
|
Term
|
Definition
| the situation that exists when imports exceed exports |
|
|
Term
|
Definition
| the difference between the value of exports and imports |
|
|
Term
|
Definition
| institutions that accept deposits from savers and make loans to borrowers |
|
|
