What is Economics?
Diagram representing various combinations of goods and services an economy can produce when all resources are fully employed
What is the Production Possibilities Frontier?
An organized way for providing for the wants and needs of society
What is an Economic System?
A combination of two or more businesses to form a single firm
What is a Merger?
The extra usefulness or satisfaction a person gets from acquiring or using one more unit of a product
What is Marginal Utility?
The amount of a product that could be bought at all possible prices that could prevail in the market
What is Supply?
Where consumers and privately owned businesses answer the three basic economic questions
What is the Free enterprise economy?
Economic system in which basic economic activity stems from ritual, habit, or custom
What is a Traditional Economy?
A noncash charge a firm takes for the general wear and tear on its capital goods
What is Deprecation?
A measure of responsiveness that shows how a dependent variable responds to a change in an independent variable
What is Elasticity?
A graph showing the various quantities supplied at each and every price that might prevail in the market
What is the Supply Curve?
The sum of the skills, abilities, health, knowledge, and motivation of people
What is Human Capital?
Economic system in which basic economic decisions are made by a central authority
What is a Command Economy?
Business organization recognized by law as a separate legal entity having all the rights of an individual
What is a Corporation?
Change in quantity demanded due to a change in price that alters a consumer’s real purchasing power
What is Income Effect?
A government payment to an individual, business, or other group to encourage or protect a certain type of economic activity
What is Subsidy?
Dollar value of all final goods, services, and structures produced within a country’s borders in a 12-month period
What is Gross Domestic Product?
Economic system in which basic decisions are made by people and firms acting in their own best interest
What is a Market Economy?
Economic institution that works in a businesslike manner but does not seek financial gain
What is a Nonprofit Organization?
A change in quantity demanded due to a change in the relative price of a product
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 is Production Function?
Land, Capital, Labor, Entrepreneurs, Production, Decision-Making
What are the Factors of Production?
Political and economic system in which the factors of production are owned and controlled collectively by the state
What is Socialism?
Organization of workers formed to represent its members’ interests in various employment matters
What is a Labor Union?
Area of economics that deals with behavior and decision making of small units
What is Microeconomics?
The number of units sold multiplied by the average price per unit
What is Total Revenue?