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Economics Semester 2

This is so you know terms and stuff on economics

A Little Of Everything
Ability to pay Other than the desire for a good or product what is needed to make up demand?
Barriers to Entry The situations that make starting a firm in a particular industry difficult.
Competition When sellers actively compete for the dollars of consumers, it is called
Decreases According to the Law of Demand "As price of the good or service increases demand for that product
Discretionary Spending A continual rise over time in a nation's production of goods and services
The Economic way of thinking Understanding that all human behavior involves choice and that these choices can be analyzed
Gross Domestic Product The sum of all goods and services produced within a country for a given year.
How others value what you do How well you do what you do How difficult it is to replace you How much you earn depends on the value of your work, how well you do at your job, and determines what a person makes.
If you decide to buy something, you are a consumer
Income Taxes Taxes placed on an individual's income.
Monopolistic Competition Oligopoly Monetary policy deals with
Patents CopyRight The gov't creates policies to help improve market outcomes is done with Services
Services Actives preformed by people firms or government agencies to satisfy economic wants . Cannot be stored or transported and are not instantly perishable. Come into existence when they are bought and consumed.
Supply The amount of a good or service that is available for sale.
An unintended consequence Something that was not planned to happen
What can be inferred from from the line' "scarcity is the gap between our unlimited wants and limited resources" Whenever we are faced with deciding if a good or service is worth the cost, we are experiencing scarcity.
What factor results in never being able to satisfy all of our wants and needs? Scarcity
When economists refer to scarcity, they mean When economists refer to scarcity, they mean
Created by: Rocker08241