Term
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Definition
| set aside a partition of income for a period of time so that it can be uses later |
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Term
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Definition
| money left over after paying for these necessities that can be used for satisfying wants, including luxury items or savings accounts |
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Definition
| the money income a person has left after all the taxes on it have been paid |
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Definition
| respecting the rights of produces and sellers |
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Term
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Definition
| the promise made by a manufacturer on a seller to repair or replace a product within a certain time period if it is faulty |
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Term
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Definition
| the act of buyers and sellers freely and willingly engaging in market transactions |
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Term
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Definition
| the driving force that encourges individuals and organizations to improve their material well-being-is largely responsible for the growth of a free enterprise system based on capitalism |
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Term
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Definition
| that amount of money left over after all the costs of production have been paid |
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Term
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Definition
| struggle that goes on between buyers an sellers to get the best products at the lowest price |
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Term
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Definition
| the right/freedom to own and use, or dispose of, our own property as we choose as long as we do not interfere with the rights of others |
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Term
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Definition
| describes the consumer as the "king" |
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Term
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Definition
| a term used to describe the American economy |
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Term
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Definition
| an economic system in such private citizens own and use the factors of production in order to seek a profit |
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Term
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Definition
| rely on others, and others rely on is to provide the goods and services the we consume |
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Term
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Definition
| the breaking down of a job into separate, smaller tasks, which are performed by different workers |
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Term
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Definition
| takes place when people, bussinesses, regions, and even countries concentrate on goods or services that they can prduce better then anyone else |
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Term
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Definition
| a measure of the amount of output produced by a given amount of inputs in a specific period of time |
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Term
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Definition
| markets where producers offer goods and services for sale |
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Term
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Definition
| the markets where produtive resources are bought and sold |
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Term
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Definition
| the quality of life based on the possession of necessities an luxuries that make life easier |
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Term
gross domestic product
(GDP) |
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Definition
| the total value in dollars, of all the final goods and services produced in a country during a single year |
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Term
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Definition
| individuals who start new businesses, introduce new products, and improve management techniques |
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Term
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Definition
| tools, machinery, and buildings used to make other products |
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Term
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Definition
| physical and mental efforts that people contribute to the production of goods and services |
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Term
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Definition
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Term
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Definition
| natural resources, labor, capital, entrepreneurs |
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Term
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Definition
| work that is performed for someone else |
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Term
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Definition
| tangible products like books and cars to satisfy our wants and needs |
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Term
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Definition
| choosing the alternative that has the greatest value from among comparable-quality products |
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Term
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Definition
| rewards that are offered to try to persuade people to take certain economic actions |
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Term
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Definition
| businesses are allowed to compete for profit with a minimum of government interference |
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Term
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Definition
| private ctizens own most, if not all, of the means of production |
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Term
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Definition
| an economic system in which supply, demand, and prices help people make divisions and allocate resources |
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Term
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Definition
| compare the marginal costs and marginal benefits of a decision |
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Term
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Definition
| the additional or extra benefit associated with an action |
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Term
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Definition
| the extra cost of producing one additional unit of output |
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Term
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Definition
| the cost of the next best use of your time or money when you choose to do one thing rather than another |
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Term
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Definition
| the alternative you face if you decide to do one thing rather another |
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Term
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Definition
| simplified representatives of the real world that are used to explain how the economy works, or to predict what would happen if something in the economy should change |
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Term
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Definition
| when we do not have enough resources to produce all of the things we would like to have |
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Term
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Definition
| when we do not have enough resources to produce all of the things we would like to have |
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Term
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Definition
| things we would want to have |
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Term
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Definition
| things that are required for survival such as food, clothing, and shelter |
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Term
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Definition
| the study of how we make decisions in a world where resources are limited |
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Term
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Definition
| the payment people recieve when they lend money or allow someone else to use their money |
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