Free enterprise system
a type of science that deals with a particular part or aspect of human society
social science
this is the various amounts of a product that will be offered to consumers for sale at various prices
supply
this is the amount of output in relation to the amount of input
production function
this is a division of economics that studies large scale or general economic factors
macroeconomics
what is miss davis' catchphrase (I didn't have another question)
hey girl hey
the limited availability of a resource in comparison to the limitless wants of a resource
scarcity
this is an economic principle that states that as the market price of a product increases the quantity supplied with also increase
law of supply
MPP stands for
marginal physical product
a division of economics that studies single factors and the effects of individual decisions
microeconomics
what is an inferior good
demand decreases as consumer income rises
this means you assign resources to the production or the consumption of a good or service
allocate
this is the various amounts of a product that will be purchased by consumers at various prices
demand
a cost that is constant regardless of the number of units produced
fixed costs
general reduction the prices of products and services
deflation
what is miss davis' favorite color
yellow
this is what the government places very few restriction on the type of business activities or the ownership that citizens want to engage in
free enterprise system
this is when a market condition in which more or less of a product or a service is offered to consumers for sale at the same price
shift in supply
this is calculated by dividing the total cost by the number of units produced
average cost
a series of stages in the economy measured by the rise and fall of the gross domestic product of a country
business cycle
what is a normal good
an increase as consumer income rises
this is an applied social science that deals with how producers, consumers, and societies use scarce resources in the production of goods
agricultural economics
these are factors that can cause shifts in demand (name 3 for points)
income, population, consumer preferences, related prices, environmental factors, new uses.
this is an economic concept that states the level of output produced should be the point at which marginal cost equals marginal revenue
rule of profit
a period of reduced economic activity that includes a drop in GDP of at least 10%
depression
what is net worth
assets-liabilities