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History Exam
| Term | Definition |
|---|---|
| compliments | two goods bought and used together |
| hot dogs and hot dog buns | example of a compliment |
| substitutes | goods used in place of one another |
| butter and margarine | example of a substitute |
| competition | the struggle among producers for the money of consumers |
| scarcity | there is not enough time, money, or resources to satisfy our every desire |
| want | something we desire but is not essential for survival |
| subsidy | government payment that supports a business or market |
| regulation | government intervention that affects the production of a good or service |
| equilibrium | point where quantity supplied and quantity demanded are equal |
| search costs | financial and opportunity costs consumers pay when searching for a good or service |
| monopoly | market dominated by a single seller |
| commodity | products that are the same no matter who produces them |
| oligopoly | market dominated by a few large firms |
| capital | any human-made resource that is used to create another good or service |
| trade-off | an alternative we sacrifice when we make a decision |
| excise tax | built into the cost so consumers may not realize they are paying them |
| entrepreneur | a leader who combines land, labor, and capital to create and market goods and services |
| profit | the amount of money received in addition to expenses |
| incentive | an expectation that encourages people to behave a certain way |
| technology | process used to produce a good or service |
| obsolete | no longer used or out of date |
| need | something that is necessary for survival |
| economics | study of how people seek to satisfy needs and wants by making choices |
| opportunity cost | the value of the next best alternative |
| laissez-faire | the government should not interfere with the economy |
| socialism | social and political philosophy based on the belief that wealth should be distributed evenly throughout a society |
| macroeconomics | study of economic behavior and decision making of entire economics |
| microeconomics | study of economic behavior and decision making of small units |
| goods | physical objects |
| elastic | describes demand that is very sensitive to a change in price |
| normal goods | goods we desire more of as our income increases |
| demand | the desire to own something and the ability to pay for it |
| fixed cost | cost that does not change, no matter how much is produced |
| variable cost | cost that rises or falls depending on how much is produced |
| total cost | fixed cost + variable cost = |
| 4-6% | the desirable rate of unemployment is |
| Gross Domestic Product | the total value of all goods and services produced in a particular economy |
| $7.25 an hour | current minimum wage |
| Adam Smith | the first economist and said everyone is out for their own self-interest |
| there's no such thing as a free lunch | TINSTAAFL |
| how many workers to hire? | basic question all firms must answer |
| land, labor, capital, and goods | 4 factors of production |
| what to produce? how to produce? who consumes? | 3 economic questions |
| nonprice competition | a way to attract customers through style, service, or location |
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pace_sauce
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