Chapters 18 and 19
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| show | the branch of knowledge concerned with the production, consumption, and transfer of wealth
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| Microeconomics | show 🗑
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| Macroeconomics | show 🗑
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| show | a system of production and exchange of goods and services as well as allocation of resources in a society
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| Resource | show 🗑
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| Scarcity | show 🗑
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| Trade-off | show 🗑
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| show | the loss of potential gain from other alternatives when one alternative is chosen
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| Marginal Cost | show 🗑
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| show | the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service
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| show | a process by which business decisions are analyzed
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| Services | show 🗑
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| Factors of Production | show 🗑
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| Capital | show 🗑
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| show | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
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| show | the total value of goods produced and services provided in a country during one year
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| show | the degree of wealth and material comfort available to a person or community
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| show | a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities
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| show | refers to markets where services of the factors of production are bought and sold
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| show | where goods and services produced by businesses are sold to households
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| show | the state or quality of producing something, especially crops
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| Specialization | show 🗑
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| show | a consequence of specialization, or the division of labor, and is almost universal
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| Capitalism | show 🗑
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| Free Enterprise | show 🗑
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| show | the situation in an economy where the desires and needs of consumers control the output of producers
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| Private Property Rights | show 🗑
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| show | an economic concept which posits that the ultimate goal of a business is to make money
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| show | the act of buyers and sellers freely and willingly engaging in market transactions
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| show | an economic theory from the 18th century that is strongly opposed to any government intervention in business affairs
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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