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k.lerchie FE

Stack #110256

Economics The study of how individuals, families, businesses, and societies use limited resources to fulfill their wants and needs.
Unemployment when you don't have a job
Producer a person who makes or does a good or service
Consumer any person or group that buys or uses goods and services to staisfy personal wants and needs
Entrepreneur a business risktaker
Resource The total means available for economic and political development, such as mineral wealth, labor force, and armaments.
Opportunity Cost the value of the next best alternative that had to be given up to do the action that was chosen
Distribution Process of moving products from the factory to the seller
Economic system way of determining how to use resources to satisfy people's wants and needs
Wealth of Nations Adam Smith, USA economy is based on the book, 1776
Command Economy system in which the government controls the factors of production and makes all of the decisions about their use
Costs of Production Ask Lerchie
Market Economy System in which individuals own the factors of production and make economic choices
Developing Economy An economy that is expanding(new businesses) and growing(improving products)
Socialism ?
Communism ?
Communist manifesto ?
Underground market place where suppliers sell their goods illegally
Capitalism economic system in which private individuals own the factors of production
Capital goods the machines, buildings and tools that are used to make a profit
consumer goods goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production
Profit motive desire to make a profit that motivates people to produce and sell goods and services
When does a bicycle become a capital good? When you use it as part of your business to help make a profit
WHat is the role of competition in the free enterprise system? Competition motivates people to succeed, and so the sellers are trying to sell their products.
Generic products general name for a product rather than a specific brand name given to it by the producer
Demand the amount of a good or service that consumers are able and willing to pay at various possible prices during a specific time period
Supply the amount of a good or service that producers are willing and able to to sell at various prices during a specific time period
Profit The amount of money left over after all the costs of production have been paid
Law of Demand economic rule stating that the quantity demanded and the price move in opposite directions
Law of Supply economic rule stating that as the pric of a good or service rises, the quantity supplied also rises. As the price falls, so does the quantity supplied
How does supply and demand determine the best price for an item? Supply and demand help make the equilibrium price, which occurs when the quantity demanded and supplied are the same.
Fixed costs business expenses that are constant for a company no matter what the production level is, e.g. rent
Variable Costs contrast change in relation to the activity of a business such as sales or production volume.
Total Costs ?
Average Costs ?
Marginal Costs ?
Monopoly A market situation when a single seller makes up and entire industry for a product
Natural Monopoly monopoly that occurs because it's just the way things work out and because it's more practical
Pure Monopoly monopoly that meets the requirements of a single seller, no substitutes, no entry, and almost complet control of the price
Government Monopoly monopoly that us declared a monopoly by the government
Technological monopoly a business that gets a patent or copyright so that no one can make the same product
Collusion a bunch of businesses in the same industry that get together to decide the prices of the products and what is going to happen to the market.
Laissez-faire economic system in which the government minimizes its' interference with the economy
Federal Trade Commission federal agency that redulates producty warranties and protects consumers from unfair ads
Monopolistic Competition Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over the price
Boycott when employees urge the public not to purchase goods or services produced by a company
Lockout when the management or owners of a business prevents the employees from returning to wok until they agree to a new contract
Strike deliberate work stoppage by employees to forse the employer to give into their demand
open shop when there are no unions
closed shop company in which only union members can be hired.
Created by: alliegatorwang