Basics
One thing that is needed to get out of the subsistance economy trap.
What is surplus?
money or assests that are considered wealth
What is capital?
When banks use your money and pay you a percentage back
What is Interest?
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
What is a producer?
Any market that has only one producer
What is a monopoly?
The process of having poeple do what they are best at or focus on one thing
What is specialization?
TV's, computers, chairs, beds, and backpacks are all good examples that people can buy
what are goods
wants that are greater than the resources they have lead to this
what is economic choices
a person who purchases goods and services for personal use.
What is the consumer?
Producers in teh USA can make and sell just about everything except what
humans or anything illegal
The process where one peson or coimpany makes one product
What is division of labor by product?
anything a consumer can pay to have done such as a haircut, waitress, car tune up, or dog grooming.
What are services?
The type of economy where the consumer has the most influence on what is being produced
What is a Free Market Economy?
Anything used to help the production of products such as land, labour, and parts
What is Capital goods?
The government tell people or regions what to produce and how much
What is a planned/control Market?
An easier way to get goods than trading or bartering is to use this
What is money?
A person who starts up a business
What is an entreprenuer?
An increase in the price of TV's usally causes this in the demand of tv's
A decrease in demand
a financial gain, especially the difference between the amount earned and the amount spent in production costs
What is Profit?
An economy where people are able to make and sell almost any product the desire, like the USA.
What is a Free Market Economy?
A person does one task to help complete a product like in an assembly line
What is division of labor by process?
a rise in all prices is what happens with this term
What is inflation?
When demand remains the same or increases and the supply decreases to almost nothing driving the prices sky high
What is scarcity?
the benefit that is missed or given up when an investor, individual or business chooses one alternative over another.
What is Opportunity Cost
The law of demand states ______ the price the higher the demand.
What is lower