What is Economics
What is the difference between want and need?
A need is something that is required for survival
What is an economic system?
An organized way for providing for the wants and needs of society
What is a cooperative?
Voluntary association of people formed to carry on some kind of economic activity that will benefit its members
What is demand?
The desire, ability, and willingness to buy a product
What is a fixed cost?
Cost that a business incurs even if there is little or no activity or a cost that does not change
What is standard of living?
Quality of life based on the ownership of the necessities and luxuries that make life easier
What is a traditional economy?
Economic system in which basic economic activity stems from ritual, habit, or custom
What is a labor union?
Organization of workers formed to represent its members’ interests in various employment matters
What is a demand curve?
Graph showing the quantity demanded at each and every price at a given time
What is supply?
The amount of a product that could be bought at all possible prices that could prevail in the market
What is capital?
Factor of production that includes tools, equipment, machinery, and factories used in the production of goods and services
What is socialism?
Political and economic system in which the factors of production are owned and controlled collectively by the state
What is a chamber of commerce?
Organization that promotes the welfare of its member businesses
What is elasticity?
A measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
What is a supply curve?
A graph showing the various quantities supplied at each and every price that might prevail in the market
What is a free enterprise society?
opposite of controlled market. Consumers and producers define the world of economics
What is a mixed economy?
Economic system in which basic economic decisions are made by a central authority
What is a sole proprietorship?
A business owned and run by one person
What is a substitute?
Products that can be used in the place of others
What is production function?
A figure that shows how total output changes when the amount of a single variable input changes while all other inputs are held constant
What are the factors of production?
Labor, capital, land, production, entrepreneurs
What is a market economy?
Economic system in which basic decisions are made by people and firms acting in their own best interest
What is a partnership?
business jointed owned by two or more people
What are compliments?
Products that increase the use of other products
What is marginal product?
The extra output or change in total product caused by the addition of one more unit of variable input