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economics manage

economics management

QuestionAnswer
Land Natural resources or gifts of nature that are used to produce goods and services.
Labor physical or mental work.
Human Capital The health, strength, education, training, and skills which people bring to their jobs.
Physical Capital Manufactured items used to produce goods and services.
Want It is something that is desired but not needed.
Trade-Off Giving up some of one thing to get some of another thing.
Capital All buildings, equipment and human skills used to produce goods and services.
Oppurtunity Cost The next best alternative that must be given up when a choice is made.
Scarcity The condition that results from the imbalance between relatively unlimited wants and the relatively limited resources available for satisfying those wants.
Mixed Economy The dominant form of economic organization in noncommunist countries. Mixed economies rely primarily on the price system for their economic organization but use a variety of government interventions (such as taxes, spending, and regulation).
Public Goods A commodity whose benefits are indivisibly spread among the entire community, whether or not particular individuals desire to consume the public good.
Competition The effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms.
Complement Products that are used with one another such as hamburger and hamburger buns.
Total Revenue Selling price of a product multiplied by the quantity demanded.
Demand A schedule of how much consumers are willing and able to buy at all possible prices during some time period.
Supply A schedule of how much producers are willing and able to sell at all possible prices during some time period.
Equilibrium The market clearing price at which the quantity demanded by buyers equals the quantity supplied by sellers.
Oligopoly the market condition that exists when there are few sellers, as a result of which they can greatly influence price and other market factors.
Monopoly Occurs when one party maintains total control over a type of business.
Partnership An association of two or more persons who jointly own a for-profit business.
Corporation legal entity owned by stockholders whose liability is limited to the value of their stock.
Assets items of ownership convertible into cash.
Sole proprietorshiip A business organization that is unincorporated and has only one owner.
Need A condition or a situation in which something is required or wanted such as crops in need to water.
Productivity The ratio of output (goods and services) produced per unit of input (productive resources) over some period of time.
Created by: kubiakb
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