Shopping
The quality of producing effectively with minimum waste
Efficiency
What is the name of Adam Smith's Book
The Wealth of Nations
Makes a better standard of living for everyone in a prosperous society
Competition
The study of the choices that individuals and societies make in the production, distribution, and consumption of goods
Economics
The first act implemented in 1890 to regulate monopolistic trusts
Sherman Act
The relationship between a good’s price and the amount that producers are willing to make available
Supply
What is the result of competition
better goods at lower prices for everybody
The value of the best alternative that is foregone when a different alternative is taken
Opportunity cost
Group of firms that produce similar products or provide similar service
Industries
The antitrust act passed in 1914 that addressed practices not addressed in earlier laws
Clayton Act
What is the term for excess of the total revenue paid by buyers for goods over the seller’s total expense of producing goods
equity
What is a type of good that lasts longer than three years:
durable good
The production of goods in which a country or region has absolute or comparative advantage:
geographic specialization
The exchange of goods in the absence of government restrictions or penalties
Free trade
Forces the consumer to buy certain products before he is able to buy what he really wants
Tying Contract
Deals with the study of specific components within a major economy
Microeconomics
A type of good (money or asset) owned by a company or a person used for their benefit
Capital
What is the total amount of satisfaction received from a particular amount of a good:
Total Utility
Excess of the total revenue paid by buyers for goods over the seller’s total expense of producing goods
Profit
Consumers send to producers this to let them know what goods are wanted at certain prices
Market Signals
What are the four main types of market models?
perfect competition, monopolies, monopolistic competition, oligopolies
Type of economic system based upon custom, heredity, and caste
Traditional system
What are the three components of mass production
division of labour (specialization), standardized parts, assembly line
Group that favoured a natural economy
Physiocrats
Equation for opportunity cost
revenues - expenses = (a); potential salary - (a) = opportunity cost