Chapter 1-2
Chapter 3-4
Chapter 5-6
Chapter 7-8
Chapter 9-10
100
What is a resource.
Anything used to produce an economic good or a service.
100
What is economic freedom
The ability to make our own economic decisions withoiut interference from the government.
100
What is demand.
The amount of a good or service that consumers are willing and able to buy at all prices in a given period.
100
What is perfect competition
The most copmetitive market structure is _________ _________.
100
What is a sole porprietorship
A business owned and managed by one person
200
What is scarcity
Because of this _____ of resources, there will never be enough of everything to satisfy everyone completely.
200
What is an economic system
the way a society coordinates the production and consumption of goods and services.
200
What is a demand curve.
Shows the relationship between price and the quantity that buyers are willing and able to buy.
200
What is market structure.
Refers to the organization of a market, based mainly on the degree of competition among producers.
200
What is a labor force
Consists of people age sixteen and over who have jobs or who are actively looking for work.
300
What are goods
Physical objects produced for sale.
300
What is a market economy.
Depends not on tradition or command to coordinate its activities but on the decisions of individual producers and consumers.
300
What is supply
The amount of a good or servce that producers are willing and able to offer for sale at all prices in a given period.
300
What is a monopoly
A market or an industry consisting of a single producer of a product that has no close substitutes.
300
What is a wage gap
A difference in the wages earned by different groups in society.
400
What are services?
Activities done for us by others.
400
What is specialization
An approach to production in which individual workers become highly skilled at a specific task.
400
What is a equilibirum price
The price marked by the equilibrium point on a supply and demand graph
400
What is a public franchise
A contract issued by a government entity that gives a firm the sole right to provide a good or service in a certain area.
400
What are multinational corporations
Business enterprises that operate in more than one country.
500
What are the factors of production.
Land, labor and capital are the _______.
500
What is a comparative advantage
Is defined as the ability to perform a task at a lower opportunity cost than someone else is able to perform that task.
500
What is a equilibrium quantity
The quantity marked by the equilibrium point on the same graph
500
What is an externality
A side effect of production or consumption that has consequences for people other than the producer or consumer.
500
What is a cooperative
A business that is owned and operated by a group of individuals for their shared benefit.
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