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| social science concerned with use of scarce resources to achieve maximum satisfaction of economic wants |
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economic perspective
"economic way of thinking"
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| comprised of scarcity and choice, rational behavior, utility, marginal costs, marginal benefits |
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| change in the same direction |
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| change in opposite directions |
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is the cost of choosing one option over a list of other, there is always cost
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| means that all employed resources must be used at maximum efficiency to satisfy economic wants |
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| no worker looking for work is unable to find employment |
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| resources are sent to products that society wants most |
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| a institution that brings together buyers and sellers |
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| the schedule or a curve that shows amounts of a product that consumers are willing to buy at specific prices |
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| diminishing marginal utility |
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| successive units of a particular product produce less and less marginal utility |
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| indicates that lower prices increases the purchasing power of the buyers money income |
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| suggest that a lower price buyers have incentive to substitute what is now less expensive product for similar products that are now relatively low, for products that are now relatively more expensive |
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| goods whose demand vary inversely with money income |
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| goods whose demand varies directly with money income |
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| is a curve showing the amounts of a product that produceer are willin to sell and make avalible at each of a series of possible prices |
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| as prices raises so does quantity suppled and inversely |
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| as price falls quantity demanded raises and inversely |
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| a minimum price inserted buy the government to protect an industr |
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| maximum price set to protect consumers |
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| change in total cost / change in quantity |
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