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Ch 16 Test Review

Economics

TermDefinition
marginal revenue the additional income received from each increase of one unit of sales
fixed cost an expense that does not change no matter how much a business produces
total cost the combination of all fixed and variable costs
producer a person or business that provides goods or services
consumer a person who buys goods and services
command economy economic system in which the government makes the major economic decisions
mixed market economy market economy that has elements of traditional, market, and command economies
market economy economic system in which individuals and businesses own all resources and make economic decisions on the basis of price
traditional economy an economic system in which the decisions of what, how, and for whom to produce are based on custom or habit
two factors that increase supply in the market limited resources and unlimited wants
scarcity the situation of not having enough resources to satisfy all one's wants
costs amount of money paid to get a good or serviece
revenue the money a business receives from selling its goods or services
economic system a nation's way of producing things its people want and need
supply the amount of a good or service that producers are willing and able to sell over a range of prices
demand the amount of a good or service that consumers are willing and able to buy over a range of prices
what forces people and nations to make economic choices scarcity because its a good service that is not being produced
surplus when you have to much of a good or service
market a location or an arrangement that allows buyers and sellers to get together and buy or sell a certain product
types of resources water, food, oil, or gas
Created by: 2018grellerj
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