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Definition
| The study of how society chooses to allocate scarce resources, produce goods and services, and distribute them to members of the society |
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| The concept that resources are limited |
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| The effect of two or more companies, acting individually, to ensure the business of the third party by offering the most favorible plan |
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| Products of services that are used in conjunction, or jointly, with each other. |
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| Another alternative thing to choose to satisfy the consumer |
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| The quantity that the buyers are able and willing to purchase within a certain range of price |
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| The amount of change in price in relationship to the change in quantity |
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| a firm's total receipts from the sale of its product |
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| Human-made items used to produce and deliver goods and sevices |
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| all productive people and their efforts to produce goods and services |
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| the price that equates the quantities supplied and demanded in a market |
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| The effects on the other parties in the same group caused by the trading two parties |
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Definition
| knowledge, education and know how for a person to get an occupation to provide goods and services |
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| extra revenue generated when a firm hires one more worker |
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| dollar value of all new and final goods and sevices produced within the boundaries of a country in one year |
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Definition
| poverty as defined by a specific dollar figure selected by government |
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Definition
| A percentage that falls below the national average income |
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Term
| Average Effective Tax Rate |
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Definition
| the tax owed on an additional dollar of income as imcome increases |
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Term
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Definition
| expenditures by government to people and firms for which there is no corresponding contribution to output |
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