Producers and Consumers in a Market Economy
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | A reward or other enticement that encourages a behavior (e.g., prize, wages).
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| show | A penalty that discourages a behavior (e.g., library fine, parking ticket).
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| Consumer Sovereignty | show 🗑
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| Comparative Advantage | show 🗑
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| Absolute Advantage | show 🗑
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| show | Resources that are categorized into natural resources, human resources, capital resources, and entrepreneurs.
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| show | The concentration of the productive efforts of individuals and firms on a limited number of activities
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| Entrepreneurs | show 🗑
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| Costs | show 🗑
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| Cost of Production | show 🗑
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| show | The amount consumers pay when they buy a good or service; the amount a producer receives when they sell a good or service.
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| show | The income generated by the sale of goods and services (price × quantity).
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| show | The amount remaining when all costs are subtracted from all revenues.
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| Productivity | show 🗑
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| show | The health, education, experience, training, skills and values of people.
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| show | Improvements in a firm's ability to produce due to improved processes, methods and machines.
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| show | The market value of all final goods and services produced in a country in a calendar year.
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| Gross Domestic Product per capita | show 🗑
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| show | The level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life.
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| show | Markets for inputs used in the production process are called factor markets. These markets are where the factors of production (natural resources, labor, capital, and entrepreneurship) are bought and sold.
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Created by:
joyellec
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