JA Chp. 1-5
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| Adam Smith | show 🗑
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| show | An exchange of goods and services without using money.
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| show | The gains that result when a choice is made.
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| show | The quantity of goods and services a person can buy with a given amount of money.
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| Capital | show 🗑
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| ceteris paribus | show 🗑
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| show | An economic system in which the government holds most property rights.
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| Complementary goods | show 🗑
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| show | The process of using a product or service.
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| show | The losses that result when a choice is made.
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| Demand | show 🗑
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| show | The point reached when an additional unit of a product consumed is less satisfying than the one before it.
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| Disincentive | show 🗑
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| show | The process of getting a product or service to consumers.
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| show | A condition of economic fairness and impartiality.
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| Economic freedom | show 🗑
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| Economic growth | show 🗑
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| show | A condition in which the basic needs of every person should be met.
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| show | A social science that studies how people decide to use scarce resources to satisfy their wants.
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| show | The imagination, innovative thinking, and management skills needed to start and operate a business.
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| show | The price at which the amount supplied is equal to the amount demanded. Market-clearing price
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| show | The land, labor, and capital resources used to produce goods and services.
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| Free enterprise | show 🗑
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| show | A condition in which almost all people in the labor force are able to find work.
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| Incentive | show 🗑
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| show | A good for which quantity demanded falls as income increases.
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| show | The physical and mental efforts people use to create goods and services.
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| Land | show 🗑
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| show | An inverse relationship between the quantity demanded and the price of a product.
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| show | A positive relationship between the quantity supplied and the price of the product.
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| Macroeconomics | show 🗑
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| Marginal | show 🗑
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| show | The additional cost of increasing one unit of production.
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| Market | show 🗑
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| Market competition | show 🗑
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| Market demand | show 🗑
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| show | An economy that relies on voluntary trade as the primary means of organizing and coordinating production.
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| show | The total of all individual suppliers’ products in a market at a particular time.
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| show | The price at which the amount supplied is equal to the amount demanded. Equilibrium
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| show | The study of individual consumers and businesses.
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| show | An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making.
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| show | Anything that is generally accepted as payment for goods and services.
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| show | A good for which the consumer’s demand increases as income increases.
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| Opportunity cost | show 🗑
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| Price ceiling | show 🗑
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| Price effect | show 🗑
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| show | A measure of the impact of the price effect.
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| Price floor | show 🗑
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| show | An economic condition in which prices of goods, services, and resources do not fluctuate significantly, either up or down, in a short period of time.
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| show | An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers.
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| show | Resources and products owned by individuals or businesses.
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| Production | show 🗑
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| show | A positive difference between total sales and total costs.
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| Public property | show 🗑
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| Rationing | show 🗑
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| show | An inequality that exists between wants and the resources available to satisfy them.
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| Shortage | show 🗑
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| show | A process in which businesses and people focus on producing one or a few parts of an entire product.
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| Substitute | show 🗑
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| Supply | show 🗑
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| Surplus | show 🗑
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| Trade | show 🗑
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| Traditional economy | show 🗑
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| show | The usefulness or satisfaction that consumers get from consuming goods and services.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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