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Econ Terminology JW

Basic economic terms JW

QuestionAnswer
Economics The study of how people use their scarce resources to satisfy their unlimited wants.
Resources The inputs, or factors of production, used to produce the goods and services that people want; resoucres consist of labor, capital, and natural resources.
Labor The physical and mental effort used to produce goods and services.
Capital The buildings, equipment, skills used to produce goods and services.
Natural Resources All gifts of nature used to produce goods and services.
Good A tangible product used to satify human wants.
Service An activity, or intangible product, used to satisfy human wants.
Scarcity Occurs because resources are limited and wants are UN-limited.
Profit Revenue minus cost.
Marginal Incremental, additional, or extra; used to describe a change in an economic variable.
Variable A measure, such as price or quantity, that can take on different values at different times.
Market equilibrium Where the potential demand curve intersects with the potential supply curve; demand and supply are "balanced."
Market Any place buyers and sellers can come together for mutual exchange of valued items.
Demand The quantity of goods and services that consumers are willing and able to buy at different prices.
Supply The quantity of goods or services that producers are willing and able to produce/sell at different prices.
Law of Demand States that quantity demanded increases as the price goes down; the amount consumers are willing and able to purchase decreases as prices go up.
Law of Supply States that quanity supplied increases as the price goes up; quantity producers are willing and able to produce decreases when prices go down.
Ceteris paribus All things being equal or remaining constant.
Substitutes A smiliar product that would at least partially satisfy the same needs of consumers.
Complimentary Goods Products that consumers tend to pair up, "go together," for example a car and gas, coffee and cream.
Created by: joannw15