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AP final

Flash cards

TermDefinition
Price floor A govt or group imposed price control or limit on how low a price can be charged for a product
Scarcity The state of being scarce or in short supply
Factors of production The inputs that are used in the production of good or services in the attempt to make an economic profit
Marginal costs The cost added by producing one extr item of a product
Fixed costs Business costs such as rent that are constant whatever the quantity of goods or services produced
Efficiency The state or quality of being efficient
Surplus The amount of something left over when requirements have been met
Monopoly The exclusive possession or control of the supply of trade in a commodity
Circular flow chart Neoclassical economic model depicting how money flows through the economy
Shortage A state or situation in which somethings g needed cannot be obtained
Created by: Julliann
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