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Economics ch. 5
The Productive Market Economy
| Term | Definition |
|---|---|
| This is the means through which sellers and buyers exchange goods | Market |
| This is separate people functioning in their roles as producers and consumers | Individuals |
| This is signs that are used by consumers and producers to determine how much of a good to buy or sell at a given price and time | Market signals |
| These are goods that have a life expectancy of less than 3 years. | Nondurable goods |
| These are goods such as cars or refrigerators which are expected to last at least 3 years | Durable goods |
| This gives people only limited choices regarding what to produce and consume. This is seen in societies with a very simple economy. It doesn't change much. Doesn't need anyone to make important economic decisions | Traditional economic system |
| This means possessing absolute, compelling power | Totalitarian |
| This is an illegal underground system for the exchange of goods, developed to avoid governmental regulations | Black Market |
| This is the part of an economy that is controlled by private individuals, businesses and organizations | Private sector |
| This is the part of an economy that is controlled by national, state and local governments | Public sector |
| This is the urge to work at bettering one's economic situation. And the incentive to act in order to acquire more money ad goods | Profit motive |
| This is any sort of gain. Anything one receives in return for his labor or cleverness | Profit |
| This is the excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods. | Profit |
| This is the diminishing of the value of goods that is caused by wear and time | Depreciation |
| This is the value of the best alternative that is foregone when a different alternative is taken. (Cost of giving up one opportunity in order to pursue another) | Opportunity cost |
| This is the total value of a business minus and liabilities | Equity |
Created by:
Leslie Spark
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