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Opportunity Cost What is given up when a choice is made, the highest valued alternative forgone.
Price The amount of money exchanged for a good or service, interaction of supply and demand determines this, and this determines who acquires goods and services.
Incentives These are things that motivate people to change their economic behavior.
Demand The amount of a good or service that consumers are willing and able to buy at a certain price.
Supply The amount of a good or service that producers are willing and able to sell at a certain price.
Natural A type of resource that is found in or on the soil, water, or air.
Capital A type of resource that is machinery and money, previously made items that are used to make something else.
Human A type of resource that represents peoples labor.
Entrepreneurship A type of resource that the owner and manager of a company provides.
Production The combining of the four types of resources to MAKE a good or service.
Consumption The use of goods and services
Scarcity The inability to satisfy all wants at the same time because resources and goods are limited.
Traditional Type of economic system are decisions based on custom and history with people performing the same type of work as their parents regardless of ability or potential.
Free Market Type of economic system is there private ownership of property and resources, competition, profit, consumer sovereignty, individual choice, and minimal government involvement
Command Type of economic system is there central ownership and planning of the economy by the government with little consumer choice.
Profit Consists of earnings after all expenses have been paid.
Competition The rivalry between producers and/or sellers of a good or service .
Surplus The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price.
Aggregate demand The sum of all expenditures for goods and services.
Aggregate supply The nation's total output of goods and services.
Keynesian economics Believes the private economy is inherently unstable and government intervention is necessary. Aggregate demand is our economy's prime mover.
Equilibrium aggregate demand=aggregate supply
Bond Contract to repay borrowed money with interest at a specific time in the future.
Capitalism A system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits.
Credit Money borrowed to pay for a good or service.
Dividend Payment of a portion of a company's earnings.
Economics The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants.
Gross Domestic Product (GDP) Total dollar value of all final goods and services produced in a country during a single year.
Interest The payment people receive when they lend money or allow someone else to use their money.
Market Meeting place or mechanism for buyers and sellers to come together; may be local, regional, national, or global.
Macroeconomics Economic behavior and decision-making by government or whole industries or societies.
Microeconomics Economic behavior and decision-making by individuals and small businesses.
Stock Ownership share of a corporation's equity.
Utility The amount of satisfaction one gets from a good or service.
Good A tangible economic product that is useful, transferable, and satisfies wants and needs.
Wealth The sum of tangible economic goods that are scarce, useful, and transferable
Per capita GDP GDP divided by the total population.
Real GDP GDP after it has been adjusted for inflation.
Nominal GDP GDP, measured in current prices, that has NOT been adjusted for inflation.
Need Something that is necessary for survival.
Want Goods and services that we desire but are not necessary to our survival.
Shortage When quantity supplied is less than quantity demanded.
Money Anything that serves as a medium of exchange, a unit of account, and a store of value.
Business cycle The ups and downs in the overall economy.
Depression A very deep and prolonged downturn.
Recession A periods of economic downturn when output and employment are falling.
Unemployment # of people who are actively looking for work, but don't have one.
Labor force Sum of employment and unemployment.
Inflation Rise in overall price level.
Law of Demand As price rises, people will demand a smaller quantity of goods and services.
Law of Supply Price and quantity supplied of a good are positively related.
Sunk cost Past costs that have already been incurred and cannot be recovered.
Game Theory Competition stated in terms of gains and losses among opposing players.
Created by: ssteuter
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