Term
| what two conditions must exist in order to have "REAL"demand? |
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Definition
1. must have the desire (you want it) and willingness to purchase product/service.
2. must have the ability (MONEY) to purchase product/service. |
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Term
| On a national level how have we obtained the goal of economic equity and economic security. |
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Definition
1. by passing a minimum wage law
2. by passing the social security act |
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Term
| define the following: value,paradox of values, utility and wealth. |
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Definition
value: a worth that can be expressed in dollar and cents.
paradox of values:apparent contradiction between the high monetary value of a nonessential item and the low monetary value of an essential item.
utility: the ability of a good,or service, to provide usefulness.
wealth:sum of tangible economic goods that are scare-useful and transferable from one person to another |
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Term
| what factors create scarcity? |
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Definition
| unlimited wants and limited resources. |
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Term
| what is the difference between a need and a want and what are the basic needs? |
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Definition
| a need is a basic requirement for survival whereas a want is something we would like to have. basic need food, clothing, and shelter. |
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Term
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Definition
| meeting place (RETAIL STORE) or mechanism (INTERNET) that allows buyers and sellers to come together to exchange goods and service. |
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Term
| what is the difference between a need and a want and what are the basic needs? |
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Definition
| a need is a basic requirement for survival whereas a want is something we would like to have. basic need food, clothing, and shelter. |
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Term
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Definition
| meeting place (RETAIL STORE) or mechanism (INTERNET) that allows buyers and sellers to come together to exchange goods and service. |
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