A stock of a resource from which a person or place can be provided with the necessary amount of that resource.
What is supply?
100
An economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service.
What is demand?
100
When cost is increased
What is a decrease in supply?
100
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
What is economics?
100
A person doing unskilled manual work for wages.
What is a laborer?
200
A fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied.
What is Law of Supply?
200
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?
200
Price goes down.
When supply goes up what goes down?
200
Taxes paid when purchases are made on a specific good.
What is excise tax?
200
An opportunity that has not yet been won or lost and is at any of the following sales stages.
What is an open opportunity?
300
A tabular depiction of the relationship between price and quantity supplied, represented graphically as a supply curve.
What is a supply schedule?
300
States that," all else being equal, as the price of a product increases (↑), quantity demanded falls (↓); likewise, as the price of a product decreases (↓), quantity demanded increases (↑)".
What is Law of Demand?
300
When this shifts, there has been a change in demand.
What is demand curve?
300
The intent to achieve monetary gain in a transaction or material endeavor.
What is a profit motive?
300
The concept that people may decide what agreements they want to enter into.
What is free contract?
400
The cost of overhead items such as labor and material used in the production of goods or services.
What is input cost?
400
A table that lists the quantity of a good all consumers in a market will buy at every different price.
What is a demand schedule?
400
When supply meets demand.
What is equilibrium?
400
The effect of a change in the price of a good upon the amount of that good demanded by a consumer, the other being the income effect.
What is Substitution Effect ?
400
The set minimum amount of gross income that a family needs for food, clothing, transportation, shelter and other necessities.
What is poverty level?
500
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?
500
A law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
What is Law of Diminishing Marginal Utility?
500
As producers enter and exit the market, the number of ________ of a particular good changes, directly influencing supply
What are sellers?
500
The basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
What is infrastructure?
500
A type of economy where products, prices, and services are determined by the market, not the government.