Economic Goods & Services
These are tangible items that satisfy human wants and can be sold, such as cars or electronics.
What are consumer goods?
The law that states as the price of a good increases, the quantity supplied increases.
What is the law of supply?
These are the factors used in production, including labor, land, and capital.
What are economic resources?
The study of how societies allocate limited resources to meet unlimited wants and needs.
What is economics?
This is the price at which buyers and sellers agree on the quantity of a good to exchange.
What is the price?
These goods are purchased by individuals for personal use, not for producing other goods.
What are consumer goods?
This term describes when the quantity demanded exceeds the quantity supplied at a given price.
What is excess demand?
A good that satisfies basic human needs, like food, shelter, or clothing.
What is a need?
The concept that every choice involves giving up the next best alternative, often measured in terms of cost
What is opportunity cost?
A situation where the price of a good or service impacts both the demand and supply in the market
What is price elasticity?
These non-physical goods, like education or a doctor's visit, are provided to meet people's needs and wants
What are services?
A situation in which the quantity supplied is greater than the quantity demanded at a given price.
What is excess supply?
The human effort or labor used in the production process.
What are human resources?
This term refers to the idea that as resources are scarce, choices must be made about what to produce and how to distribute those goods
What is scarcity?
When the total supply of a good increases, the price tends to go down, assuming demand stays constant.
What is supply?
Goods and services that are scarce and have a price, meaning they are not freely available to everyone
What are economic goods?
This describes a market situation where supply equals demand at a specific price point.
What is equilibrium?
Goods that are created and used by industries to produce other goods and services, like industrial machinery.
What are industrial goods?
This term refers to the desire for a good or service that is not necessary for survival but is still desired by consumers
What is a want?
When buyers and sellers engage in this, they trade goods and services in exchange for money.
What is exchange?
These are intangible activities provided by others to fulfill human wants, often related to production.
What are economic services?
The type of demand that reacts significantly to changes in price, showing a large change in quantity demanded
What is elastic demand?
This refers to the resources that come from nature, such as water, minerals, and timber.
What are natural resources?
The principle that states the relationship between the price of a good and the quantity demanded
What is the law of demand?
The economic theory stating that prices are determined by the interaction of supply and demand in a market.
What is the law of supply and demand?