Stack #110256
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| Economics | The study of how individuals, families, businesses, and societies use limited resources to fulfill their wants and needs.
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| Unemployment | when you don't have a job
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| Producer | a person who makes or does a good or service
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| Consumer | any person or group that buys or uses goods and services to staisfy personal wants and needs
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| Entrepreneur | a business risktaker
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| Resource | The total means available for economic and political development, such as mineral wealth, labor force, and armaments.
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| Opportunity Cost | the value of the next best alternative that had to be given up to do the action that was chosen
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| Distribution | Process of moving products from the factory to the seller
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| Economic system | way of determining how to use resources to satisfy people's wants and needs
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| Wealth of Nations | Adam Smith, USA economy is based on the book, 1776
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| Command Economy | system in which the government controls the factors of production and makes all of the decisions about their use
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| Costs of Production | Ask Lerchie
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| Market Economy | System in which individuals own the factors of production and make economic choices
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| Developing Economy | An economy that is expanding(new businesses) and growing(improving products)
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| Socialism | ?
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| Communism | ?
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| Communist manifesto | ?
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| Underground market | place where suppliers sell their goods illegally
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| Capitalism | economic system in which private individuals own the factors of production
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| Capital goods | the machines, buildings and tools that are used to make a profit
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| consumer goods | goods that are ready for consumption in satisfaction of human wants, as clothing or food, and are not utilized in any further production
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| Profit motive | desire to make a profit that motivates people to produce and sell goods and services
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| When does a bicycle become a capital good? | When you use it as part of your business to help make a profit
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| WHat is the role of competition in the free enterprise system? | Competition motivates people to succeed, and so the sellers are trying to sell their products.
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| Generic products | general name for a product rather than a specific brand name given to it by the producer
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| Demand | the amount of a good or service that consumers are able and willing to pay at various possible prices during a specific time period
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| Supply | the amount of a good or service that producers are willing and able to to sell at various prices during a specific time period
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| Profit | The amount of money left over after all the costs of production have been paid
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| Law of Demand | economic rule stating that the quantity demanded and the price move in opposite directions
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| Law of Supply | economic rule stating that as the pric of a good or service rises, the quantity supplied also rises. As the price falls, so does the quantity supplied
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| How does supply and demand determine the best price for an item? | Supply and demand help make the equilibrium price, which occurs when the quantity demanded and supplied are the same.
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| Fixed costs | business expenses that are constant for a company no matter what the production level is, e.g. rent
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| Variable Costs | contrast change in relation to the activity of a business such as sales or production volume.
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| Total Costs | ?
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| Average Costs | ?
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| Marginal Costs | ?
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| Monopoly | A market situation when a single seller makes up and entire industry for a product
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| Natural Monopoly | monopoly that occurs because it's just the way things work out and because it's more practical
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| Pure Monopoly | monopoly that meets the requirements of a single seller, no substitutes, no entry, and almost complet control of the price
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| Government Monopoly | monopoly that us declared a monopoly by the government
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| Technological monopoly | a business that gets a patent or copyright so that no one can make the same product
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| Collusion | a bunch of businesses in the same industry that get together to decide the prices of the products and what is going to happen to the market.
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| Laissez-faire | economic system in which the government minimizes its' interference with the economy
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| Federal Trade Commission | federal agency that redulates producty warranties and protects consumers from unfair ads
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| Monopolistic Competition | Market situation in which a large number of sellers offer similar but slightly different products and in which each has some control over the price
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| Boycott | when employees urge the public not to purchase goods or services produced by a company
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| Lockout | when the management or owners of a business prevents the employees from returning to wok until they agree to a new contract
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| Strike | deliberate work stoppage by employees to forse the employer to give into their demand
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| open shop | when there are no unions
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| closed shop | company in which only union members can be hired.
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Created by:
alliegatorwang
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