Vocab Review Economies

Part 1

100

French term translating to “let do”; economic concept which states there should be no government interference in the economy

Laissez-Faire

200

Theories, principles and models which deal with the production, distribution and consumption of goods and services

Economics

300

Amount of a product consumers are willing and able to purchase at given prices during a certain period

Demand

400

Study of individual economic activity 

Microeconomics

500

Perfect balance of where the quantity of a product demanded by consumers is equal to the quantity of a product supplied by producers; intersection point where the demand curve meets the supply curve

Equilibrium 

Part 2

100

The study of the economy as a whole

Macroeconomics 

200

Relationship between the available quantity of a product and the want or need of a product

Supply and Demand

300

Occurs when a product is supplied or produced more than the quantity demanded

Surplus

400

Private ownership and management of businesses and resources

Capitalism

Part 3

100

Quantity of a product demanded by consumers is unequal to the quantity of a product supplied by producers

Disequilibrium 

200

Way a society produces and distributes goods and services

Economic System

300

Occurs when a product is demanded more than the quantity supplied or produced

Shortage

400

All assets owned by individuals or businesses

Capital

500

Amount of a product producers are willing and able to sell at various prices during a specific period

Supply