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Economy A system in which scarce resources are allocated among competing uses.
Main Characteristics of Market economist 1.Self interest 2.Incentives 3.Market Prices and Quantity 4.Institutions
Factors of Production Resources use to produce goods and services; frequently divided into land, capitol, and labor
Goods tangible commodities such as cars or shoes
Services tangible commodities such as haircuts and medical care
Production the act of making goods and services
Consumption the act of using goods and services to satisfy wants
Opportunity Cost The cost of using resources for a certain purpose measured by the benefit given up by not using them n their best alternative use.
Production Possibilities Boundary A curve showing which alternative combinations of commodities can be attained if all available resources are used efficiently; it is the boundary between attainable and unattainable output combinations.
Resource Allocation the allocation of an economy's scarce resources of land, labor, and capital among alternative uses.
Microeconomics the study of the cause and consequences of the allocation of resources as it is affected by the workings of the price system
Macroeconomics the study of the determination of economic aggregates such as total output, the price level, employment and growth
Specialization of Labor The specialization of individual workers in the production of particular goods or services.
Division of Labor the breaking up of the production process into a series of specialized tasks, each done by a different worker.
Transnational corporations (TNCs) Firms that have operations in more than one country; also called multinational enterprises (MNEs)
barter an economic system in which goods and services are traded directly for other goods and services.
traditional economy an economy in which behavior is based mostly on tradition
command economy an economy in which most economic decisions are made bu a central planing authority.
free market economy in economy in which most economic decisions are made by private households and firms
mixed economy an economy in which some economic decisions are made by firms and households and some by the government
Created by: June P.



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