Markets, Monopolies and Competition
Production
Profits and Productivity
Specialization and Comparative Advantage
100
products made to be sold
What are goods?
100
a person who produces new products or services
What is an entrepreneur?
100
encouragement to try new ideas or invent new products
What is an incentive?
100
concentration on the production of a few goods and services
What is specialization?
200
the selling of useful work that that meets someone's needs, but does not create an actual product
What is service?
200
effort made by people to produce goods or services
What is labor?
200
amount of goods and services a worker can produce in a certain amount of time
What is productivity?
200
capable of producing desired results with little waste
What is efficient?
300
the domination of an industry by a single company
What is a monopoly
300
the equipment used to produce goods and services
What is capital?
300
a decrease in value
What is depreciation?
300
produce goods or services at a low opportunity cost compared to other producers
What is comparative advantage?
400
the process of offering better prices or quality to try to gain business
What is competition?
400
when you choose one activity over another
What is opportunity cost?
400
amount left after total expenses are subtracted from income
What is net income?
400
two or more producers' reliance on one another
What is interdependence?
500
a relationship that makes buying and selling easier
What is a market?
500
rare or short supply
What is scarce?
500
people are free to decide what, how and for whom to produce goods and services
What is market economy?
500
using fewer resources to produce products or services
What is absolute advantage?
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