A
an economic problem with which all societies are faced.
Scarcity
this represents the range of production possibilities an economy can produce.
Production possibilities curve
the combination of desire, ability, and willingness to buy a product.
demand
the portion of a change in quantity demanded caused by a change in price that makes other products more or less costly.
substitution effect
different amounts offered for sale at each possible price in the market.
supply
When considering the factors of production, computers used to produce magazine articles are an example of
Capital
All of the factors of production are bought and sold in the
factor market
the graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time.
demand curve
products related in such a way that an increase in the price of one reduces the demand for the other.
complements
payment to encourage or protect a certain economic sector.
subsidy
When considering the factors of production, the South's rainy season is an example of
land
A manufactured good used to produce other goods or services is a
capital good
rule that states that more will be demanded at lower prices and less at higher prices.
law of demand
The extent to which a change in price causes a change in the quantity demanded is demand _________
elasticity
graph showing how a change in the amount of a single variable input affects total output is a _______ ________
production function
Economic growth causes the production possibilities frontier to
expand/increase
_________ is an economic and political system in which factors of production are owned and directed by the state.
communism
the satisfaction or usefulness obtained from acquiring one more unit of a product.
marginal utility
a chart showing the quantities offered for sale at each possible price in the market.
supply schedue
the entirety of output or production by a firm.
total product
under the system of __________, each worker learns one task very well.
Specialization
The forced common ownership of factors of production is called
collectivization
Change in quantity demanded is movement along the demand curve showing that a different quantity is purchased in response to a
price change
principle that more will be offered for sale at higher prices than at lower prices.
law of supply
the extra expense created by producing one additional unit of production.
marginal cost