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TongAPMicroWiehl
| Question | Answer |
|---|---|
| scarcity | supplies for the factors of productions are limited, choices in regard to how to use them must be made |
| opportunity cost | true cost of something is what you give up to get it. includes: money spent in buying and the economic benefits. |
| capital | money or assets put to economic use, something owned which provides ongoing services. |
| supply | total quantity of a good or service that is available for purchase at a given price. |
| demand | want or desire to obtain a good or service with the necessary goods, services, or financial instruments necessary to make a transaction for them |
| market | any place where the sellers of a particular good or service can meet with the buyers where there is potential for a transaction to take place |
| competition | separate sellers on a market attempting to release a good or service for the best price while still earning a profit |
| needs | a necessity |
| wants | unnecessary desires |
| goods | tangible merchandise that is sold |
| services | activities done for others for a cost |
| consumers | individuals or households that purchase goods or services |
| budget | procedure to determine how much public spending there should be in the year ahead |
| profit | is the reward for risk taken by enterprise, what is left after all other costs, a firm’s total revenue minus total cost. |
| cost | value of money that has been used to produce a good or service |
Created by:
tristynw
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