VOCAB 1
The basic economic problem.
SCARCITY
The amount of the good that buyers are willing and able to purchase. (Often referred to as demand) at a given price.
QUANTITY DEMANDED
The amount that sellers are willing and able to sell at a
given price.
QUANTITY SUPPLIED
The monetary value of the good (Dollars in the US)
PRICE
Rivalry among businesses to sell their goods and services
COMPETITION
THINGS THAT ARE CONSUMED AFTER THEY ARE PRODUCED
GOODS
A person who buys and uses goods and services.
CONSUMER
Quantity of goods or services that business are willing and able to provide
SUPPLY
Quantity of goods and services that consumers are willing and able to buy.
DEMAND
Point where supply and demand are equal.
EQUILIBRIUM
Things that add comfort and pleasure to your life.
WANTS
Resources are produced the way they have always been by traditions.
TRADIONAL ECONOMY
Both the government and the people own and control resources
MIXED ECONOMY
Refers to private ownership of resources rather than by government.
CAPITALISM
Individuals and organizations that determine what products and services will be available for sale.
PRODUCER
Things that are required in order to live
NEEDS
When you give up something to have something else.
TRADEOFF
The value of the next best alternative that you did not
choose OR The cost of what your giving up
OPPORTUNTIY COST
An economy in which....
The resources owned and controlled by the PEOPLE
MARKET ECONOMY
An economy in which....
The resources owned and controlled by the government
COMMAND ECONOMY
The social science of how a society uses its ECONOMIC RESOURCES to satisfy the WANTS and the NEEDS of its people.
ECONOMICS
ACTIVITIES THAT ARE CONSUMED AT THE SAME TIME THEY ARE PRODUCED
SERVICES
Means (methods or ways) through which goods and services are produced.
ECONOMIC RESOURCES
The process of choosing which wants, among several options will be satisfied.
ECONOMIC DECISION MAKING
A nation's plan for answering the three economic questions
ECONOMIC SYSTEM