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Economics key terms

QuestionAnswer
Scarcity the conditions that result from a society not having enough resources to produce things for wants
Economics the study of how people try to satisfy what appears to be seemingly unlimited an completing wants through the relative use of scarce resources
productivity the measure of the amount of output produced by a given about of inputs over a specific area of times
opportunity cost the cost of the next best alternate use of money, time or resources when a choice is made rather than another
mixed economy people carrying on their economic affairs freely but are subject to some government interference
law of supply the principle that states that as the price of an item increases, so will the amount of the item producers are willing to suplly and vice versa
law of demand the principle that as the price of an item increases, a smaller quantity of the item will be purchased and vice versa
factors of production the resources needed to produce goods and services such as land, labor, capitol, and the entrepreneur
deficit budget when the government spends more money than it collects in income for one year
demand schedule a table that shows how much of a product consumers will demand at varous possible prices
supply schedule a table that shows how much of a product suppliers will offer at various possible prices
Created by: hermelinda
 

 



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