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economics terms 2

QuestionAnswer
things produced goods
willingness and ability of a person to buy an item demand
is the amount of a good or service producers are willing to sell t each possible price during sometime period supply
things done for you by others services
define: investment in human capital the time and money spent on training, education, or health care so workers can be more productive
amount of output per unit of input productivity
define increasing productivity producing more goods and services with the same amount of resources or producing the same amount of goods and services with fewer resources
productive ability of people human capital
economic system where the four basic questions are decided by interaction between consumers and producers market system
economic system where the four basic questions are decided by individual interaction and government policy mixed system
economic system where the four basic questions are decided by the government command system
required payments to the government to cover the cost of public goods and services taxes
taxes that take the same percent from all incomes proportional taxes
taxes that take a larger percentage of high incomes than of lower incomes progressive taxes
taxes that take a larger percentage of low income than high incomes regressive taxes
define competition the market situation where there are many buyers and sellers with a like good or service with no price fixing agreements and firms are free to enter and leave the market
define surplus over supply
define substitution effect when goods and services can be used in place of other goods and services
define monopoply when there is only one seller of a good or service in the market that seller has power to set prices
define oligopy when there are a few sellers of a good or service in the market and price decisions by one greatly affects the others
define monopolistic competition the market situation in which there are numerous sellers each with some control over price with slightly different products
Created by: ava.caydence