Term
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Definition
| holding other things equal |
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Term
| price elasticity of demand |
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Definition
| percentage change in quantity/percentage change in price |
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Term
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Definition
| economic self sufficiency |
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Term
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Definition
| if something is true for the whole, it isn't necessarily true for the part |
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Term
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Definition
| what something cost in terms of what you have to give up |
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Term
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Definition
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Term
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Definition
| final goods produced for use in the production of other goods |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| When the price rises, the demand falls |
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Term
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Definition
| expidenture by consumers on final goods and services |
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Term
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Definition
| maximum output of a good from the resources used in production |
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Term
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Definition
| the quantity demanded = the quantity supplied |
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Term
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Definition
| External / costs or benefits of a market activity borne by a 3rd party |
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Term
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Definition
| land, labor, capital, and entrepreneurship |
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Term
| Gross Domestic Product (GDP) |
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Definition
| consumtion + investment + gov't spending + net exports |
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Term
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Definition
| cheap good/ demad increses when income rises |
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Term
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Definition
| Work/ skills and abilities to produce goods and service |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| the ability to alter the market price of a good or service |
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Term
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Definition
| an economy that uses both market signals and gov't directives |
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Term
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Definition
| the value of exports minus the value of imports (X-M) |
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Term
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Definition
| demand increases when income rises |
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Term
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Definition
| the alternative combinations of final goods & services that could be produced in a given time pd. with all available resources & technology |
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Term
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Definition
| Goods that substitute for each other (when the price rises, the demand increases) |
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Term
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Definition
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Term
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Definition
| expidentures on (production of) new plant, equipment and structures in a given time pd. |
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Term
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Definition
| a firm that produces the entire market supply of a particular good or service |
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Term
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Definition
| what something cost in terms of what you have to give up |
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