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Fundamentals of Econ
| Term | Definition |
|---|---|
| free enterprise | What is the study of how we make decisions in a world where resources are limited? |
| marginal | Variable costs plus fixed costs add up to the |
| wants | What are things we would like to have to make life more comfortable. |
| scarcity | Which of these is the system in which private citizens own most, if not all, of the means of production. |
| demand curve | This is a graph that shows the amount of product that would be bought at all possible prices in the market. |
| supply curve | what costs remain the same regardless of the number of units produced? |
| economics | what costs are expenses that increase as production grows? |
| capitalist | What occurs when we lack the resources to produce the things we want? |
| incentives | What are rewards offered to try to get people to take certain economic actions. |
| specialization | Which system allows businesses to compete for profit with a minimum of government interference. |
| total cost | What is the added cost of producing one additional unit called? |
| market economy | What is it called when most economic decisions are made by individuals looking out for their own interests? |
| Trade off | When one thing is exchanged for the use of another, it is called what? |
| familiar | Prices are _____ because they favor neither the producer nor the consumer because they are a result of competition. |
| neutral | Prices are ___ because: they are easily understood and this allows people to make decisions quickly and efficiently |
| Government | Who will sometimes set the price of a product because it believes the forces of supply and demand are unfair? |
| equilibrium price | The US relies on others for certain goods and services and other countries rely on us to provide goods and services. |
| flexible | Prices are ____ because events can affect supply and demand. Buyers and sellers react to new levels of prices and adjust their production and consumption accordingly. |
| economic interdependence | This is the point where supply and demand are balance and, there is neither a surplus or a shortage. |
| variable | This takes place when people, businesses, regions and even countries concentrate on producing goods or services that they can produce better than anyone else. |
| freedom of choice | Prices represent ____ because if prices are too high for a product and a lower price cannot be found no one forces the consumer to pay a certain price for a product. |
| fixed | This is a graph that shows the amount of product that will be supplied at all possible prices in a market. |
Created by:
Domingue
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