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Econ Lesson 2
Vocab words for unit 2
Question | Answer |
---|---|
competition | The struggle among businesses for the dollars of consumers. |
substitutes | Goods that can replace each other; an increase in the price of one will cause a increase in demand of the other. |
complements | Two goods that are used together, so that the supply and demand for each tend to move together. |
efficiency | Using resources to the maximum benefit with as little or no waste as possible. |
shortage | a situation where there is not enough of a good or service; demand is larger than supply. |
surplus | a situation where there is too large of a good or service; supply is larger than demand. |
price floor | a minimum price for a good or service. |
price ceiling | a maximum price for a good or service. |
goods | physical objects that can be touched. |
services | actions or activities that one person performs for another. |
public | a good or service provided by the government for all citizens to use |
externalities | The economic side effects of a good or service that affects people not involved as sellers or consumers. |
monopoly | a market dominated by a single seller. |
productive resources | The land, labor, and capital needed for business. |