Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
erika econ vocab
final exam vocab
| Question | Answer |
|---|---|
| The condition that occurs when wants are greater than the resources to satisfy them | Scarcity |
| Value of the second best choice that is given up when the first choice is chosen | Opportunity cost |
| Sacrificing one good or service to purchase or produce another | Trade offs |
| Resources of land, labor, capital, and entrepeneurship that are used to produce goods and services | Factors of production |
| Graph that shows the greatest combination of goods and services that can be produced from a specific amount of resources in a set period of time | Production possiblility curve |
| System where economic decisions based on customs and beliefs that are handed down from generations | Traditional economy |
| Government controls factors of production and make all decisions about their use | Command economy |
| Combines characteristics of more than one type of economy | Mixed economy |
| Individuals own factors of production | Competitive/market economy |
| Gov lets people and businesses make their own decisions without putting controls and restrictions on them | Laissez faire |
| Econ rule stating that the quantity demanded and price move in opposite directions | Law of demand |
| Amount of a good or service that a consumer is willing and able to purchase | Quantity demanded |
| Price and quantity supplied move in the same direction | Law of supply |
| Amount of a good or serive that a producer will supple at a specific price | Quantity supplied |
| Rise or fall in a products price greatly affects the amount ppl are willing to buy | Elastic demand |
| Products price change has little impact on the quantity demanded by consumers | Inelastic demand |
| Econ rule stating that the additional satisfaction a consumer gets from purchasing 1 more unit of the product will lesson | Law of diminishing marginal utility |
| Limiting distribution of items thhat are in a short supply | Rationing |
| More units of productions are added, total output increases at a diminishing rate | Law of diminishing returns |
| Product often used with another product | Complimentary goods |
| Quantity demanded is greater than quantity supplied | Shortage |
| Quantity demanded is less than quantity supplied | Surplus |
| Government-set maximum price | Price Ceiling |
| Government-set minimum price | Price floor |
| One business, the franchiser, sells right to use names and products to another company known as the franchise | Franchises |
| Portion of corporation's profit paid to stockholders | Dividend |
| There are numerous buyers/sellers, no single buyer/seller can affect price | Perfect competition |
| Market situation controlled by single supplier of a good/service that has no close substitute | Monopoly |
| Industry dominated by few suppliers who exercise some control over price | Oligopoly |
| Laws passed to prevent new monopolies from forming a break up ones that already exist | Anti-trust laws |
| Routes by which goods are moved from producers to consumers | Channels of Distribution |
| Ability of a product to satisfy consumer wants | Utility |
| Lowest hourly wage that you can be paid | Minimum wage |
Created by:
14millere
Popular Academic Vocabulary sets