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Economics Deffs

economic definitions

competition struggle among producers for the dollars of consumers; rivalry among sellers to attract customers while lowering cost.
product market market in which households purchase the goods and services that firms produce
land all natural resources used to produce goods/services
self-interest ones own personal gain
specialization concentration of productive efforts of individuals and firms on a limited number of activities
factor market market in which firms purchase the factors of production from households
socialism social p/political philosophy based on belief that democratic means should be used to evenly distribute wealth through out society
communism political system characterized by centrally planned economy with all economic and political power resting in hands of central government
authoritarian requiring strict obedience to an authority, such as a dictator
collective large farms leased from state to groups of peasant farmers
Define Economics study of choices people make when faced with scarcity. to buy this or not to buy this
scarcity limited resources for unlimited wants
shortage not enough of a product to meet demand at given price
factors of production land natural resources, labor work force, capital any human made resource
entrepreneurs combine factors of production to make new products
opportunity cost most desirable alternative you must give up as a result of a decision the next best thing
good physical object shoes shirts
service actions activities done by someone thing for another person
thinking on the margin 1 more or less units of something
labor work force: effort devoted to task that they r paid 4
market arrangement that allows people buy or sell goods or services
production possibilities curve graph that shows alternative waus to use resources.
production possibilities frontier line on graph
why do markets exist no one self sufficient each of us specializes. we produce what we are good at b/c then this saves time labor resources.
capital any human made resource thats used produce other goods/services
physical capital human made objects used make other goods/services
human capital natural resources and knowledge/skill gained on job/ from experience
safety net set of gov progs that protect people experiencing bad economic issues. medicare, health care
standard of living level economic prosperity
traditional economy relies on habit, custom or ritual to decide what to produce, how to produce it and to who it goes 2.
market economy made by individuals nd based on exchange or trade
centrally planned economy cent gov holds all power
command economies alt name for centrally planned economy's
mixed economy market based eco systems. gov plays limited role
the invisible hand where the people basically get what they want around price they prefer
laissez faire doctrine that gov generally should not intervene in market place
privatized sold to individuals then allowed to compete with 1 another in marketplace
Guns n Butter Ethier more military less food or more food less military
Created by: TAbernathy