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Economics key terms
| Question | Answer |
|---|---|
| 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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