Anything that is used to produce goods or services.
What is Resource?
100
Any good that is owned by an individual or a business.
What is private property?
100
Any place where people come together to buy and sell goods or services.
What is a market?
100
The willingness and ability of sellers to produce and offer to sell a good or service.
What is supply?
100
The price of a good that is bought and sold in a market that is in equilibrium.
What is equilibrium price?
200
The branch of economics that deals with human behavior and choices as they relate to relatively small units-an individual, a business firm, or a single market.
What is microeconomics?
200
Any good that is owned by the government.
What is public property?
200
An intangible item that gives a person utility or satisfaction.
What is service?
200
The number of units of a good produced and offered for sale at a specific price.
What is quantity supplied?
200
The stock of goods that a business or store has on hand.
What is inventory?
300
The branch of economics that deals wit human behavior and choices as they relate to the entire economy.
What is macroeconomics?
300
The amount of money left over after all the costs of production have been paid. Also, the payment to the resource entrepreneurship.
What is profit?
300
States that as the price of a good increases, the quantity demanded of the good decreases, and that as the price of the good decreases, the quantity demanded of the good increases.
What is the law of demand?
300
A legal limit on the number of units of a foreign-produced good that can enter a country.
What is a quota?
300
The condition in which the quantity demanded of a good is greater than the quantity supplied.
What is shortage?
400
Produced goods that can be used as resources for further production. For example: factories, machines, and farm tractors.
What is capital?
400
The amount of money by which total cost exceeds total revenue.
What is loss?
400
When two variables move in opposite directions. when one variable rises, the other falls.
What is inverse relationship?
400
The kind of supply that exists when the percentage change in quantity supplied is the same as the percentage change in price.
What is unit-elastic supply?
400
When the quantity supplied of a good is greater than the quantity demanded.
What is surplus?
500
An economic system in which individuals (not government) own most, if not all, the resources and control their use. Government plays a very small role in the economy.
What is Free Enterprise?
500
The economic relationships that exist between different economic groups in an economy.
What is circular flow of economic activity?
500
States that as a person consumes additional units of a good, eventually the utility gained from each additional unit of the good decreases.
What is the law of diminishing marginal utility?
500
As the price of a good increases, the quantity supplied of the good increases, and as the price of the food decreases, the quantity supplied of the good decreases.
What is the law of supply?
500
When the quantity of a good that buyers are willing and are able to buy is equal to the quantity of the good that sellers are willing and able to produce and offer for sale.