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Intro to Economics

Mrs. Barlaz's Civics and Economics class

Economics a system for analyzing the production and distribution of goods and services
Microeconomics the market behavior of individual consumers and businesses, interactions between buyers and sellers, and the factors that influence their choices
Incentive a factor that motivates an individual to act a certain way
Macroeconomics the performance, structure, and behavior of the economy as a whole
Gross Domestic Product (GDP) the values of all officially recognized final goods and services produced within a country
Scarcity unlimited wants/needs for limited resources -> forces economic decisions
Prices increase What happens to the prices of scarce resources?
Diamonds, Doctors What are some examples of enforced scarcity?
Increase prices What is the goal of enforced scarcity?
Opportunity Costs the value of what we cannot have in order to have something else (the value of the thing we lose)
Scarcity _________ forces us to make economic decisions
Utility usefulness or benefit of a product
Unit product or service
Marginal utility the utility you get from owning/consuming each unit
Law of Diminishing Marginal Utility the utility goes down as more units are bought
Marginal utility; marginal cost In order for you to buy something, the _______ ____ must outweigh the _______ ____
Marginal Cost the cost of each (additional) unit
Demand the quantity of a product or service that is desired by buyers
Individual Demand demand for one consumer
Market/Aggregate Demand demand for an entire market
Quantity Demanded how much people are willing to buy at a certain price
Law of Demand when the price of a good is raised, demand will decrease
Elasticity of Demand the degree to which as demand curve reacts to a change in price
Elastic Demand each change in price causes a relatively larger decrease in quantity demanded
Elastic A product if considered __________ if the demand changes drastically in relation to price; the density curve will be more horizontal
Inelastic A product is considered ___________ if the price does not have a big impact on demand (in other words, there is a high need and there are no substitutes); the density curve will be vertical
Perfect Elasticity of Demand if the quantity demanded changes by a very large percentage as a result of a tiny percentage change and price
Perfect Inelasticity of Demand the quantity demanded will never change, regardless of price (no substitute, can't postpone, can't buy when cheap and can't save for later)
Supply the quantity of good and services that producers are willing to sell
Individual Supply supply for one producer
Market/Aggregate Supply supply for all the producers in market
Quantity Supply how much suppliers are willing to supply at a given price
Law of Supply as the price, or total cost to buy a product, increases, the producers will produce more of the product or service
Elasticity of Supply the degree to which the quantity of a good or service reacts to changes in price
Elasticity of supply the quantity supplied changes significantly in relation to price
Inelasticity of supply the quantity supplied will not or cannot change significantly when there is a change in price
Created by: hillbilly777



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