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Economics 9wks study
9 weeks study guide chapters 1,2,3,4,5 and 6
| Question | Answer |
|---|---|
| Goods | The physical objects that someone produces. |
| Services | The actions or activities that one person performs for another. |
| Shortage | A situation in which consumers want more of a good or service than producers are willing to make available at a particular price. |
| Surplus | When quantity supplied is more than quantity demanded. |
| Opportunity cost | The most desirable alternative given up as the result of a decision. |
| Physical capital | The human-made objects used to create other goods and services. |
| Human capital | The knowledge and skills a worker gains through education and experience. |
| Scarcity | The principle that limited amounts of goods and services are available to meet unlimited wants. |
| Entrepenuer | A person who decides how to combine resources to create goods and services. |
| Centrally planned economy | An economic system in which the government makes all decisions on the three economic questions. |
| Communism | A political system in which the government owns and controls all resources and means of production and makes all economic decisions. |
| Competition | A struggle among producers for the dollars of consumers. |
| Socialism | A range of economic and political systems based on the belief that wealth should be evenly distributed throughout society. |
| Profits | The amount of money a business received. |
| Traditional economy | An economic system that relies on habit, custom, ritual to decide, the three economic questions. |
| Free enterprise | An economic system characterized by private or corporate ownership of capital goods. |
| Laissez Faire | A doctrine that government generally should not intervene in the marketplace. |
| Adam Smith | Author of The Wealth of Nations. |
| Karl Marx | German philosopher, communism was based on his writings. |
| Joseph Stalin | Leader of the Soviet Union. |
| Vladimir Lenin | Leader of the Soviet Union before Joseph Stalin. |
| Friedrich Engels | Father of Marxist Theory along with Karl Marx. |
| Invisible hand | A term coined by Adam Smith to describe the self-regulating nature of the marketplace. |
| Role of government and the economy | Growth and stability. It provides the infrastructure and systems that facilitate economic activity while formulating regulations and controls to ensure order and fairness in businesses operations. |
| Social security | A U.S federal program of social insurance and benefits. |
| Law of demand | Consumers will buy more of a good when its price is lower and less when its price is higher. |
| Law of supply | Producers offer more of a good as its price increases and less as its price falls. |
| Elasticity of Demand | A measure of how consumers respond to price changes. |
| Elasticity of Supply | A measure of the way quantity supplied reacts to a change in price. |
| Quantity demanded | The quantity of a commodity that people are willing to buy at a particular price at a particular point of time. |
| Quantity supplied | The amount that a supplier is willing and able to supply at a specific price. |
| Demand schedule | A table that lists the quantity of a good a person will buy at various prices in the market. |
| Supply schedule | A chart that lists how much of a good a supplier will offer at various prices. |
| Market supply schedule | A chart that lists how much of a good all suppliers will offer at various prices. |
| Elastic | Describes demand that is very sensitive to a change in price. |
| Inelastic | Describes demand that is not very sensitive to price changes. |
| Unitary elastic | Describes demand whose elasticity is exactly equal to one. |
| Total revenue | The total amount of money a company receives by selling goods or services. |
| Demand curve | A graphic representation of a demand schedule. |
| Supply curve | A graph of the quantity supplied of a good at various prices. |
| Fixed cost | A cost that does not change, no matter how much of a good is produced. |
| Variable cost | A cost that rises or falls depending on the quantity supplied. |
| Subsidies | A government payment that supports a business or market. |
| Regulation | A government intervention in a market that affects the production of a good. |
| Excise tax | A tax on the production or sale of a good. |
| Equilibirum | The point at which the demand for a product or service is equal to the supply of that product or service. |
| Price floor | A minimum price for a good or service. |
| Price ceiling | A maximum price that can legally be charged for a good or service. |
| Minimum wage | A minimum price that an employer can pay a worker for an hour of labor. |
Created by:
Katwill678
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