Vocab
A person doing unskilled manual work for wages.
What is a laborer?
What is the amount of a good producers are able and willing to sell at various prices during a certain period.
What is supply?
An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
What is demand?
An opportunity that has not yet been won or lost and is at any of the following sales stages.
What is an open opportunity?
What does the supply curve demonstrate
What is the law of supply
A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.
What is public good?
The concept that people may decide what agreements they want to enter into.
What is free contract?
A tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
What is a supply schedule?
The set minimum amount of gross income that a family needs for food, clothing, transportation, shelter and other necessities.
What is poverty level?
The cost of overhead items such as labor and material used in the production of goods or services.
What is input cost?
Relies heavily on both prices and personal financial habits
What is Consumer ability?
Imposition of rules by government, backed by the use of penalties that are intended specifically to modify the economic behavior of individuals and firms in the private sector.
What is regulation?