JA Chp. 1-5 Word Scramble
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| Question | Answer |
| Adam Smith | The father of economics. Wrote “Wealth of Nations” which promoted “the invisible hand” theory. |
| Barter | An exchange of goods and services without using money. |
| Benefits | The gains that result when a choice is made. |
| Buying power | The quantity of goods and services a person can buy with a given amount of money. |
| Capital | The buildings, tools, and machines people create and use to produce final goods and services. |
| ceteris paribus | Latin for “all else being equal”; a fundamental assumption in many economic models |
| Command economy | An economic system in which the government holds most property rights. |
| Complementary goods | Products that often are used together. |
| Consumption | The process of using a product or service. |
| Costs | The losses that result when a choice is made. |
| Demand | Quantities of a particular good or service consumers are willing and able to buy at different prices at a particular time. |
| Diminishing marginal utility | The point reached when an additional unit of a product consumed is less satisfying than the one before it. |
| Disincentive | A negative or withdrawn reward. |
| Distribution | The process of getting a product or service to consumers. |
| Economic equity | A condition of economic fairness and impartiality. |
| Economic freedom | A condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions. |
| Economic growth | A condition in which the output of goods and service in an economy increases over the period of a year. |
| Economic security | A condition in which the basic needs of every person should be met. |
| Economics | A social science that studies how people decide to use scarce resources to satisfy their wants. |
| Entrepreneurship | The imagination, innovative thinking, and management skills needed to start and operate a business. |
| Equilibrium | The price at which the amount supplied is equal to the amount demanded. Market-clearing price |
| Factors of production | The land, labor, and capital resources used to produce goods and services. |
| Free enterprise | The condition that allows people to freely make choices in their economic roles. |
| Full employment | A condition in which almost all people in the labor force are able to find work. |
| Incentive | A positive reward that results from making a choice or behaving in a certain way. |
| Inferior good | A good for which quantity demanded falls as income increases. |
| Labor | The physical and mental efforts people use to create goods and services. |
| Land | Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water. |
| Law of demand | An inverse relationship between the quantity demanded and the price of a product. |
| Law of supply | A positive relationship between the quantity supplied and the price of the product. |
| Macroeconomics | The study of the economy as a whole. |
| Marginal | The extra or additional costs or benefits of a decision. |
| Marginal cost | The additional cost of increasing one unit of production. |
| Market | An arrangement that allows buyers and sellers to make exchanges. |
| Market competition | Rivalry among businesses for resources and customers. |
| Market demand | The total of all individual demands in a given market at a particular time. |
| Market economy | An economy that relies on voluntary trade as the primary means of organizing and coordinating production. |
| Market supply | The total of all individual suppliers’ products in a market at a particular time. |
| Market-clearing price | The price at which the amount supplied is equal to the amount demanded. Equilibrium |
| Microeconomics | The study of individual consumers and businesses. |
| Mixed economy | An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making. |
| Money | Anything that is generally accepted as payment for goods and services. |
| Normal good | A good for which the consumer’s demand increases as income increases. |
| Opportunity cost | The highest valued alternative given up as a result of making a choice. |
| Price ceiling | A price set below equilibrium by the government |
| Price effect | The inclination of people to buy less of something at higher prices than they would buy at lower prices. |
| Price elasticity of demand | A measure of the impact of the price effect. |
| Price floor | A price set above equilibrium by the government |
| Price stability | 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. |
| Price system | An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers. |
| Private property | Resources and products owned by individuals or businesses. |
| Production | A process that combines economic resources so the result is a good or service that is available for sale. |
| Profit | A positive difference between total sales and total costs. |
| Public property | Resources and products owned by government. |
| Rationing | Distributing or allocating a product by a price system. |
| Scarcity | An inequality that exists between wants and the resources available to satisfy them. |
| Shortage | The difference between the amount supplied and the amount demanded when the asking price is less than a market-clearing price. |
| Specialization | A process in which businesses and people focus on producing one or a few parts of an entire product. |
| Substitute | A good or service that can replace another good or service. |
| Supply | Quantities of a good or service that producers are willing and able to sell at different prices at a particular time. |
| Surplus | The difference between the amount supplied and the amount demanded when the asking price is greater than a market-clearing price. |
| Trade | Exchanging something for something else. |
| Traditional economy | An economic system in which people rely on traditions or customs to make what, how, and for whom choices. |
| Utility | The usefulness or satisfaction that consumers get from consuming goods and services. |
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