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AP2_Term2_StudyStack

Basic Concept of Economic

TermDefinition
Demand The quantity of a good or service that consumers are willing and able to purchase at various prices during a given period.
Quantity Demanded The specific amount of a good or service consumers are willing to buy at a particular price.
Law of Demand The principle that, all else equal, an increase in the price of a good or service will decrease the quantity demanded, and vice versa.
Demand Curve A graphical representation showing the relationship between the price of a good and the quantity demanded.
Market Demand The total quantity demanded across all consumers in a market for a given good or service.
Substitute Goods Goods that can be used in place of each other; an increase in the price of one leads to an increase in the demand for the other.
Complementary Goods Goods that are used together; an increase in the price of one leads to a decrease in the demand for the other.
Supply The quantity of a good or service that producers are willing and able to sell at various prices during a given period.
Quantity Supplied The specific amount of a good or service that producers are willing to sell at a particular price.
Law of Supply The principle that, all else equal, an increase in the price of a good or service will increase the quantity supplied, and vice versa.
Supply Curve A graphical representation showing the relationship between the price of a good and the quantity supplied.
Market Supply The total quantity supplied across all producers in a market for a given good or service.
Equilibrium Price The price at which the quantity demanded equals the quantity supplied.
Surplus A situation in which the quantity supplied exceeds the quantity demanded at a given price.
Shortage A situation in which the quantity demanded exceeds the quantity supplied at a given price.
Price Ceiling A maximum allowable price set by the government, below the equilibrium price, leading to shortages.
Elasticity of Demand A measure of how much the quantity demanded of a good responds to a change in price.
Elasticity of Supply A measure of how much the quantity supplied of a good responds to a change in price.
Market Equilibrium The state in which market supply and demand balance each other, resulting in stable prices.
Economics The study of how people choose to use resources to satisfy their wants and needs.
Scarcity The condition of having to choose among alternatives due to limited resources.
Opportunity Cost The value of the next best alternative that is forgone when making a choice.
Factors of Production Resources used to produce goods and services, including land, labor, capital, and entrepreneurship.
Land Natural resources used in the production of goods and services.
Labor Human effort, including physical and mental, used in the production process.
Capital Manufactured goods used to produce other goods and services.
Entrepreneurship The ability to combine land, labor, and capital to create goods and services.
Command Economy An economic system in which the government makes all decisions about production and consumption.
Mixed Economy An economic system that combines elements of both market and command economies.
Microeconomics The study of individual economic units, such as households and firms.
Macroeconomics The study of the economy as a whole, including issues like inflation, unemployment, and economic growth.
Created by: lorentiusokyp
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