Supply and Demand, PPF
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| show | the part of economics concerned with single factors and the effects of individual decisions.
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| Law of Demand | show 🗑
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| Law of Supply | show 🗑
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| Supply | show 🗑
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| Demand | show 🗑
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| show | a table of the quantity demanded of a good at different price levels.
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| Supply Schedule | show 🗑
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| Shortage | show 🗑
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| Surplus | show 🗑
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| Marginal Utility | show 🗑
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| show | A law of economics stating that as a person increases consumption of a product - while keeping consumption of other products constant - there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
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| show | A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.). The PPF assumes that all inputs are used efficiently.
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| show | A level of performance that describes a process that uses the lowest amount of inputs to create the greatest amount of outputs.
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| Unattainable | show 🗑
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| Inefficient | show 🗑
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| show | An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
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| Opportunity Cost | show 🗑
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| Trade-off | show 🗑
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| show | the state of being scarce or in short supply; shortage.
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| show | the action of making or manufacturing from components or raw materials, or the process of being so manufactured.
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| show | An economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit.
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| Land | show 🗑
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| show | productive activity, especially for the sake of economic gain.
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| Entrepreneur | show 🗑
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| show | wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
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| show | in economics, graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.
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| Demand Curve | show 🗑
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| show | is a form of financial aid or support extended to an economic sector (or institution, business, or individual) generally with the aim of promoting economic and social policy.
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| show | If the price of one good increases, then demand for the other item is likely to rise.
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| Compliment | show 🗑
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| show | defined as the point where supply equals demand for a product – is where the hypothetical supply and demand curves intersect.
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