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Chapter 16
| Term | Definition |
|---|---|
| want | desire individuals and nations have that can be met by getting a good or service. |
| economics | the study of individuals and nations makes choices about ways to use scarce resourses to fufill their needs and wants |
| resource | all things that can be used- nautral resources, labor, buildings, and tools- to make goods or services |
| scarcity | the situation of not having enough resources to sasitfy all one's wants |
| individual | a person |
| distribute | to give out; to distribute |
| economic system | a nation's way of producing things its people want and need. |
| traditional economy | a economic system in which the decisions of what, how and for whom to produce are based on custom or habit |
| market economy | an economic system in which individuals and businesses own all reources and make economic decisions on the basis of price |
| command economy | an economic system in which the major economic decisions are made by the central government |
| mixed market economy | system combining characteristics of more than one type of economy; a market economy that has elments of command and tradition |
| trade off | the alternative you face if you decide to do one thing rather than another |
| option | something that is chosen; a choice |
| opportunity cost | the cost of the next-best use of time and money when choosing to do one thing or another |
| fixed costs | an expense that does not change no matter how much a business produces |
| vary | to change |
| varible costs | an expense that changes depending on how much a business produces |
| total cost | the combination of all fixed and varible cost |
| marginal cost | the additional or extra opportunity cost associatied with each increase of one unit of sales |
| revenue | the money a business recives from selling its goods or service |
| marginal revenue | the additional income recieved from each increase of one unit of sales |
| benfit-cost analysis | economic model that compares the marginal costs and marginal benefits of a decision |
| consumer | someone who buys a good or service |
| producers | a busniess that provides goods and services |
| demand | the amount of good or service that cosumers are willing and able to buy over a range of prices |
| supply | the amount of goods and service that producers are willing and able to sell at a range of prices |
| market | location or arrangement that allows buyers and sellers to get together and buy or sell a certain product |
| competition | efforts by different businesses to sell the same good or service; the struggle that goes on between buyers and sellers to get the best products at the lowest prices |
| equilibrium price | the price set for a good or service in the marketplace, where demand and supply are perfectly balanced |
| surplus | situation in which quantity supplied is greater than quantity demanded |
| shortage | situation in which quantity demanded is greater than quantity supplied |
| adapt | to change in response to new circumstances |
| interaction | effect of two or more things on each other |
Created by:
GraceButler
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