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eco gov
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| Term | Definition |
|---|---|
| Factors affecting Demand | factors include price, consumers income, preferences, the price of related goods and expectations abt the future prices |
| law of demand | it states that all else being equal as the price of good or services decreases, the quantity demanded increases prices decreases ----------> quantity increases |
| Scarcity | an economic problem that rises because of limited resources, while humans wants and need and infinite. businesses have to make choices. |
| Needs and Wants | need- basic requirement for survival, want- is a desirer for a good or services that can improve the quality of life |
| opportunity cost | the value of the next best alternate that is foregone when decision is made. the cost of choosing one option over the other |
| production possibilities curve (PPC) | PPC is a graph that represents that maximum combination of two goods or services that the economy can produce with its limited resources and tec. combines scarcity and opportunity cost |
| Factors of production | the resources that re used to produce goods and services. they are typically categorized in to four main groups: land, labor, capital, entreprenureship |
| individual vs. market demand | individual demand represents the quantity of a good or serviced that one person is willing to buy at deferent prices. market demand is the sum of all the individual demands in a particular market |
| concept of stock | stock refers to the quantity of a good or raw material that a firm or seller has in hand to sell |
| law of supply | it states that all else being equal, as the price of a good or services increases. the quantity supplied increases goods/services prices go up ----> quantity supplies increases |
| individual vs. market supply | Individual supply represents the quantity of a good or service that one producer is willing to sell at different prices. market supply in the sum of all individual supplies in a particular market. |
| capital | physical and financial capital used in production |
| Entrepreneurship | the innovation, organization, and risk taking ability of ppl who start running and manage businesses |
| Points on the PPC | points on the curve represent efficient resource allocation where all the resources are fully utilized |
| points inside the PPC curve | represents inefficient resources |
| points out side the PPC curve | imposable to achieves bc of curet resources and tec |
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