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Economics 9wks study

9 weeks study guide chapters 1,2,3,4,5 and 6

Goods The physical objects that someone produces.
Services The actions or activities that one person performs for another.
Shortage A situation in which consumers want more of a good or service than producers are willing to make available at a particular price.
Surplus When quantity supplied is more than quantity demanded.
Opportunity cost The most desirable alternative given up as the result of a decision.
Physical capital The human-made objects used to create other goods and services.
Human capital The knowledge and skills a worker gains through education and experience.
Scarcity The principle that limited amounts of goods and services are available to meet unlimited wants.
Entrepenuer A person who decides how to combine resources to create goods and services.
Centrally planned economy An economic system in which the government makes all decisions on the three economic questions.
Communism A political system in which the government owns and controls all resources and means of production and makes all economic decisions.
Competition A struggle among producers for the dollars of consumers.
Socialism A range of economic and political systems based on the belief that wealth should be evenly distributed throughout society.
Profits The amount of money a business received.
Traditional economy An economic system that relies on habit, custom, ritual to decide, the three economic questions.
Free enterprise An economic system characterized by private or corporate ownership of capital goods.
Laissez Faire A doctrine that government generally should not intervene in the marketplace.
Adam Smith Author of The Wealth of Nations.
Karl Marx German philosopher, communism was based on his writings.
Joseph Stalin Leader of the Soviet Union.
Vladimir Lenin Leader of the Soviet Union before Joseph Stalin.
Friedrich Engels Father of Marxist Theory along with Karl Marx.
Invisible hand A term coined by Adam Smith to describe the self-regulating nature of the marketplace.
Role of government and the economy Growth and stability. It provides the infrastructure and systems that facilitate economic activity while formulating regulations and controls to ensure order and fairness in businesses operations.
Social security A U.S federal program of social insurance and benefits.
Law of demand Consumers will buy more of a good when its price is lower and less when its price is higher.
Law of supply Producers offer more of a good as its price increases and less as its price falls.
Elasticity of Demand A measure of how consumers respond to price changes.
Elasticity of Supply A measure of the way quantity supplied reacts to a change in price.
Quantity demanded The quantity of a commodity that people are willing to buy at a particular price at a particular point of time.
Quantity supplied The amount that a supplier is willing and able to supply at a specific price.
Demand schedule A table that lists the quantity of a good a person will buy at various prices in the market.
Supply schedule A chart that lists how much of a good a supplier will offer at various prices.
Market supply schedule A chart that lists how much of a good all suppliers will offer at various prices.
Elastic Describes demand that is very sensitive to a change in price.
Inelastic Describes demand that is not very sensitive to price changes.
Unitary elastic Describes demand whose elasticity is exactly equal to one.
Total revenue The total amount of money a company receives by selling goods or services.
Demand curve A graphic representation of a demand schedule.
Supply curve A graph of the quantity supplied of a good at various prices.
Fixed cost A cost that does not change, no matter how much of a good is produced.
Variable cost A cost that rises or falls depending on the quantity supplied.
Subsidies A government payment that supports a business or market.
Regulation A government intervention in a market that affects the production of a good.
Excise tax A tax on the production or sale of a good.
Equilibirum The point at which the demand for a product or service is equal to the supply of that product or service.
Price floor A minimum price for a good or service.
Price ceiling A maximum price that can legally be charged for a good or service.
Minimum wage A minimum price that an employer can pay a worker for an hour of labor.
Created by: Katwill678