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Economics 1 mmp

TermDefinition
Scarcity condition cause by peoples unlimited wants and the relatively limited resources to meet those wants
Opportunity Cost what a person gives up when they choose one thing over another
Trade off accepting less of one thing to get more of something else
Economic systems the way in which people(s) deal with the problems of scarcity and opportunity cost
Money anything that serves as a medium of exchange
Markets arrangements that allow buyers and sellers to meet and exchange goods or services
Supply different amounts of goods and services that will be offered for sale at a certain price for a certain amount of time
Demand various goods and services that will be purchased at a certain price at a specific time period
Competition more than one buyer and one seller in the same market
Gross Domestic Product the market value of all final goods and services produced by a country in one year
Unemployment the number of people without a job actively seeking work
Inflation an increase in the average price level of the entire economy
Deflation an decrease in the average price level of the entire economy
Monetary policy actions that affect the amount of money and the cost of credit available in the economy
Fiscal policy changes in taxes or government spending that are designed to affect demand
Exchange Rate the price of ones nations currency in terms of another nations currency
Capital the tools, equipment, and factories used in the production of goods and services
Factors of production things needed to produce any good or service they are land, capital, labor, entrepreneurship
Laissex-Faire means no government interference in the economy
Want not a basic requirement for survival
Need a basic requirement for survival
Good tangible comidity such as a book or car
consumer good a good intended for final use by a consumer
Capital good a good used to make other goods (oven in a bakery)
Durable good last three years or more when used regulary
Popular American Government sets

 

 



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