producing the maximum amount of goods and services possible
What is Efficiency
100
how society uses resources to satisfy people’s wants.
What is Economic system
100
branches of government that make production decisions
What is Public sector
100
the desire for an item and the ability to pay for it
What is Demand
200
things necessary for survival
What is Needs
200
producing fewer goods and services than possible
What is Underutilization
200
The government owns some of the factors of production.
What is Socialism
200
outsiders benefit from or pay for marketplace interaction
What is Market failure
200
amount people buy changes as purchasing power of their income changes
What is Income effect
300
lack of resources available to meet all human wants. It is not a temporary shortage
What is Scarcity
300
numerical data or information to show patterns of human behavior
What is Statistics
300
is another name for capitalism. This name is used because anyone is free to start a business or enterprise.
What is Free enterprise system
300
person who benefits but does not pay for good or service
What is Free rider
300
the marginal benefit of each additional unit declines as each unit is used.
What is Law of diminishing marginal utility
400
study of how people use resources to satisfy wants. It examines how individuals and societies choose to use resources. It organizes, analyzes, interprets data about economic behaviors.
What is Economics
400
studies behavior of individual players in an economy. It includes individuals, families, businesses.
What is Microeconomics
400
is another name for capitalism. This name is used because anyone is free to start a business or enterprise.
What is Free enterprise system
400
goods and services needed for society to function
What is Infrastructure
400
change in amount consumers buy because of change in price
What is Change in quantity demanded
500
examination of costs, expected benefits of choices. It is one of most useful tools for evaluating relative worth of economic choices.
What is Cost-benefit analysis
500
Founder of Modern Economics
What is Adam Smith
500
the incentive to gain from economic activities, motivates people to start a business
What is Profit motive
500
money made from sale of each additional unit sold. It is the same as “price”.
What is Marginal revenue
500
producers offer different amounts at every price. As production costs rise, supply drops; as costs drop, supply rises