Our Wants and Resources
desire individuals and nations have that can be met by getting a good or a service
what are wants
A nations way of producing things its people want and need.
What are economic systems
The alternative you face when you decide to do one thing rather than another.
what is trade off
A person who buys goods and services.
what is a consumer
situation in which the amount of a good or service supplied by producers is greater than the amount demanded by consumer.
what is surplus.
True or false are most peoples wants more than two items
True
An economic system in which the decisions of what, how, and for whom to produce are based on custom or habit.
what is a traditional economy.
The cost of the next best use of time or money when choosing to do one thing or another.
what is opportunity cost
A person or business that provides goods and services.
what is a producer
situation in which the supply of the good or service available is less than the demand for it.
what is a shortage
Is the study of how people choose to use their limited resources to satisfy their unlimited wants.
what is Economics
an economic system in which individuals and businesses own all resources and make economic decisions on the basis of price.
what is a market economy.
An expense that changes on how much a business produces.
what is variable cost
The amount of a good or service that consumers are willing and able to buy over a range of prices.
what is demand
the price set for a good or service in the market place where demand and supply are perfectly balanced.
what is equilibrium price
Natural resources, Laber, Capital are examples of.
what is resources.
An economic system in which the government makes the major economic decisions.
What is a command economy
The money a business receives from selling its goods and services.
what is revenue
The amount of a good or service that producers are willing and able to sell over a range of prices.
what is supply
suppliers increase and the cost of production are the two main factors.
what are factors that affect supply
Occurs whenever we do not have enough resources to produce all of the things we would like to have.
What is Scarcity
A market economy that has elements of command and tradition
What is a mixed market economy
The additional or extra opportunity cost associated with each increase of one unit of sales.
What is marginal cost.
A location or an arrangement that allows buyers and sellers to get together and buy or sell a certain product.
what is a market
The number of consumers, income of consumers, and change in consumers.
what are factors that affect demand.