Term
|
Definition
| The force that encourages people and organizations to improve their material well-being. |
|
|
Term
|
Definition
| The concept that everyone can compete in the market place. |
|
|
Term
|
Definition
| The concept of giving everyone the same legal rights. |
|
|
Term
|
Definition
| The concept that people have the right and privalige to control their possessions as they wish. |
|
|
Term
|
Definition
| The concept that people may decide what agreements they want to enter into. |
|
|
Term
|
Definition
| The concept that people may decide what and when they want to buy and sell. |
|
|
Term
|
Definition
| The rivalry among sellers to attract customers while lowering costs. |
|
|
Term
|
Definition
| A private organization that tries to to persuade public officials to act or vote according group memeber's interests. |
|
|
Term
|
Definition
| Laws requiring companies to provide full information about their productions. |
|
|
Term
|
Definition
| The concerns of the public as a whole. |
|
|
Term
|
Definition
| The study of the behavior and decision making of the entire economies. |
|
|
Term
|
Definition
| The study of the economic behavior and decision making of small units, such as individuals, families, and businesses. |
|
|
Term
| Gross Domestic Product (GDP) |
|
Definition
| The total value of a final goods and services produced on a particular economy. |
|
|
Term
|
Definition
| A period of macroeconomic expansion followed by a period of contraction. |
|
|
Term
|
Definition
| A commitment to the value of work and puposeful activity. |
|
|
Term
|
Definition
| The process used to produce a good or service. |
|
|
Term
|
Definition
| A shared food or service for which it would be impractical to make consumers pay individually and excludes non payers. |
|
|
Term
|
Definition
| The part of the economy that involves the transactions of the government. |
|
|
Term
|
Definition
| The part of the economy that involves that transaction of induviduals and businesses. |
|
|
Term
|
Definition
| Someone who would not choose to pay for a certain good or service, but who would get the benefits of it anyway if it were provided as a public good. |
|
|
Term
|
Definition
| A situation in which the market does not distribute resources efficiency. |
|
|
Term
|
Definition
| An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume. |
|
|
Term
|
Definition
| An income level below that which is needed to support families or households. |
|
|
Term
|
Definition
| Goverment aid to the poor. |
|
|
Term
|
Definition
| Direct payments of money to eligible poor people. |
|
|
Term
|
Definition
| Goods and services provided for free or at greatly reduced prices. |
|
|
Term
|
Definition
| is the study of how people seek to satisfy their needs and wants by making choices. |
|
|
Term
|
Definition
| Is something like air, food, or shelter that is necessary for survival. |
|
|
Term
|
Definition
| Is an item that we desire but that is not essential to survival. |
|
|
Term
|
Definition
| Are a physical object such as clothes or shoes. |
|
|
Term
|
Definition
| Is an action or activities that one person performs for another. |
|
|
Term
|
Definition
| Is a limited quantities of resources to meet unlimited wants. |
|
|
Term
|
Definition
| Is a situation in which a good or service is unavailable. |
|
|
Term
|
Definition
| Land,Labor and Capital; Resources that are used to make all goods and services. |
|
|
Term
|
Definition
| Is natural resources that are used to make goods and services. |
|
|
Term
|
Definition
| Is effort that people devote to a task for which they are paid. |
|
|
Term
|
Definition
| Any human made resource that is used to create other goods and services. |
|
|
Term
|
Definition
| Are all human-made goods that are used to produce other goods and services; tools and buildings. |
|
|
Term
|
Definition
| The skills and knowledge gained by a worker through education and experience. |
|
|
Term
|
Definition
| Are ambitious leader who combines land, labor, and capital to create and market new goods and services. |
|
|
Term
|
Definition
| Is an alternative that we sacrifice when we make a decision. |
|
|
Term
|
Definition
| Is a phrase that refers to the trade-offs that nations face when choosing whether to produce more of less military or consumers goods. |
|
|
Term
|
Definition
| Is the most desirable alternative given up as the result of a decision. |
|
|
Term
|
Definition
| Is deciding whether to do or use one additional unit of some resource |
|
|
Term
| Production Possibilities Curve |
|
Definition
| Is a graph that shows alternative ways to use an economy's resources. |
|
|
Term
| Production Possibilities Frontier |
|
Definition
| Is the line on a production possibilities graph that shows the maximum possible output. |
|
|
Term
|
Definition
| Using resources in such a way as to maximize the production of goods and services. |
|
|
Term
|
Definition
| Is using fewer resources than an economy is capable of using. |
|
|
Term
|
Definition
| To an economist, the alternative that is given up because of a decision. |
|
|
Term
|
Definition
| Is a law that states that as we shift factors of production from making one good or service another, the cost of producing the second item increases. |
|
|
Term
|
Definition
| The method used by a society to produce and distribute goods and services. |
|
|
Term
|
Definition
| The income people receive for supplying factors of production, such as land,labor, or capital. |
|
|
Term
|
Definition
| Is the love of one's country; the passion that inspires a person to serve his or her country. |
|
|
Term
|
Definition
| Government programs that protect people experiencing unfavorable economic conditions. |
|
|
Term
|
Definition
| Is level of economic prosperity |
|
|
Term
|
Definition
| Are an arrangement that allows buyers and sellers to exchange things. |
|
|
Term
|
Definition
| Is the concentration of the productive efforts of individuals and firm on a limited number of activities. |
|
|
Term
|
Definition
| A person or group of people living in the same residence. |
|
|
Term
|
Definition
| An organization that uses resources to produce a product, which it then sells. |
|
|
Term
|
Definition
| Market in which firms purchase the factors of production from households |
|
|
Term
|
Definition
| The financial gain made in a transaction. |
|
|
Term
|
Definition
| The market in which households purchase the goods and services that firms produce |
|
|
Term
|
Definition
|
|
Term
|
Definition
| An expectation that encourages people to behave in a certian way |
|
|
Term
|
Definition
| The struggle among producers for the dollars of consumers |
|
|
Term
|
Definition
| Term economists use to describe the self-regulation nature of the marketplace |
|
|
Term
|
Definition
| The power of consumers to decide what gets produced |
|
|
Term
|
Definition
| A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a socitey |
|
|
Term
|
Definition
| A political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government |
|
|
Term
|
Definition
| Requiring strict obedience to an authority, such as a dictator. |
|
|
Term
|
Definition
| Large farm leased from the stare to groups of peasant farmers |
|
|
Term
|
Definition
| Industry that requires a large capital investment and that produces items used in other industries |
|
|
Term
|
Definition
| The doctrine that states that government generally should not intervene in the marketplace |
|
|
Term
|
Definition
| Property pwned by individuals or companies, not by the government or the people as a whole |
|
|
Term
|
Definition
| An economic system characterized by private or corporate ownership of capital goods; Investments that are determined by private decision rather than by state control; and determinded in a free market |
|
|
Term
|
Definition
| A range with no clear divisions |
|
|
Term
|
Definition
| Period of change in which an economy moves away from a centrally planned economy toward a market-based system |
|
|
Term
|
Definition
| To sell state-run firms to individuals |
|
|
Term
|
Definition
| The desire to own something and the ability to pay for it. |
|
|
Term
|
Definition
| Consumers buy more of a good when it's price decreases and less when its price increases. |
|
|
Term
|
Definition
| when consumers react to an increase in a good's price by consuming less of that goods and more other goods. |
|
|
Term
|
Definition
| The change in consumption resulting from a change in real income. |
|
|
Term
|
Definition
| A table that lists the quantity of a good a person will buy at each different price. |
|
|
Term
|
Definition
| A table that lists the quantity of a good all consumers in a market will buy at each different price. |
|
|
Term
|
Definition
| A graphic representation of a demand schedual. |
|
|
Term
|
Definition
| A latin phrase that means "all other things held constant" |
|
|
Term
|
Definition
| A good that consumers demand more of when their incomes increase. |
|
|
Term
|
Definition
| A good that consumers demand less of when their income increase. |
|
|
Term
|
Definition
| Two goods that are bought and used together |
|
|
Term
|
Definition
| Goods used in place of one another. |
|
|
Term
|
Definition
| A measure of how consumers react to a change in price. |
|
|
Term
|
Definition
| Describes demand that is not very sensitive to a change in price. |
|
|
Term
|
Definition
| Describes demand that is very sensitive to change in price. |
|
|
Term
|
Definition
| Describes demand whose elasticity is exactly equal to 1. |
|
|
Term
|
Definition
| The total amount of money a firm receives by selling goods and services. |
|
|
Term
|
Definition
| The amount of goods available |
|
|
Term
|
Definition
| Tendency of suppliers to offer more of a good at a higher price |
|
|
Term
|
Definition
| The amount a supplier is willing and able to supply at a certain price |
|
|
Term
|
Definition
| A chart that lists how much of a good a supplier will offer at different prices |
|
|
Term
|
Definition
|
|
Term
|
Definition
| A chart that lists how much of a good all suppliers will offer at different prices |
|
|
Term
|
Definition
| A graph of the quantity supplied of a good at different prices |
|
|
Term
|
Definition
| A graph of the quantity supplied of a good by all suppliers at different prices |
|
|
Term
|
Definition
| A measure of the way quantity supplied reacts to a change in price |
|
|
Term
| Margianal Product Of Labor |
|
Definition
| The change in output from hiring one additional unit of labor |
|
|
Term
| Increasing Marginal Returns |
|
Definition
| A level of production in which the margial product of labor increase as the number of workers increases |
|
|
Term
| Diminishing Marginal Returns |
|
Definition
| A level of production in which the marginal product of labor decrease as the number of workers increase |
|
|
