The amount of money left over after all the costs of production have been paid. Also, the payment to the resource entrepreneurship. Profit exists whenever total revenue is greater than total cost.
What is Profits?
100
The price of a good times the number of units of the good sold. Total revenue: price X number of units sold.
What is Total Revenue?
100
An agreement between two or more people to do something.
What is Contract?
200
Able to be felt by touch
What is Tangible?
200
The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things
What is Entrepreneurship?
200
The way in which a society decodes what goods to produce, how to produce them, and for whom goods will be produced.
What is Economic System?
200
The average cost (or expense) of a good times the number of units of the good sold. Total cost: average cost X number of units sold.
What is Total cost?
200
A good of which one person’s consumption does not take away from another person’s consumption. Ex: National Defense.
What is Public Good?
300
Not able to be felt by touch
What is Intangible?
300
The payment to the resource land
What is Rent?
300
A government program specifying economic activities, such as what goods are to be produced and what prices will be charged.
What is Economic Plan?
300
The total cost divided by quantity. For example, if the total cost is $100 and the quantity is 10, then the average total cost is $10. Average total cost is often called per-unit cost.
What is Average Cost?
300
A public good that individuals can be excluded (physically prohibited) from consuming.
What is Excludable Public Good?
400
The condition in which our wants are greater than the resource available to satisfy those wants
What is scarcity?
400
The payment to the resource labor
What is Wages?
400
The way all the income earned in a country is divided among different groups of income earners.
What is Income Distribution?
400
The amount of money by which total cost exceeds total revenue.
What is Loss?
400
A public good that individuals cannot be excluded (physically prohibited) from consuming.
What is Nonexcludable Public Good?
500
Anything that is used to produce goods or services.
What is Resource?
500
Produced goods that can be used as resources for further production. Such things as factories, machines, and farm tractors are capital.
What is Capital?
500
An economy that is neither purely capitalist nor purely socialist; an economy that has some elements of both capitalism and socialism. Most countries in the world have mixed economies.
What is Mixed Economies?
500
A person who has a special talent for searching out and taking advantage of new business opportunities, as well as for developing new products and new ways of doing things.
What is Entrepreneur?
500
A person who receives the benefits from a good without paying for it.