Some definitions from chapter 1 to chapter 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| This is economic resources used in the production of goods and is often divided into 4 categories | show 🗑
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| show | Natural Resources, Labor, Capital, and Entrepreneurship
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| show | Cyber Economy
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| show | Traditional economy
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| This type of economy is a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments and prices. | show 🗑
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| show | Directed Economy
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| show | Directed Economy
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| show | Free enterprise Econonomy,
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| This economy is a system that combines a good measure of free enterprise in some areas with heavy state regulations in others | show 🗑
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| This is the first factor of production. Its land and other raw materials | show 🗑
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| show | Labor
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| This type of economy is a system that provides barely enough to keep a society alive | show 🗑
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| This type of system in which the majority of a nations capital is owned and controlled by private individuals and businesses | show 🗑
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| show | State Capitalism
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| show | Capitalist
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| This is the intelligent direction and supervision of natural and human resources, also known as managment | show 🗑
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| show | Entrepreneur
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| show | Eleuthere Irenee du Pont
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| This type of property includes land, buildings | show 🗑
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| show | financial property
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| This results from creative labor, rights of a song, or a patent for a invention | show 🗑
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| This illustrates how resources and products move through the market | show 🗑
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| show | Resource market
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| show | Product market
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| These are scholars of the production, distribution, and consumption of goods within an economy | show 🗑
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| This is the study of specific components within a major economy and how to make choices made by individuals, households, business affect economy and how indivudials make decisions | show 🗑
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| show | Economic models
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| show | want
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| This is intangible goods produced by labor for which people expect to pay | show 🗑
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| show | Want
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| show | Market
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| show | Supply
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| Amount of a good that is bought at a certain price under certain conditions | show 🗑
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| show | Consumers
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| This is a desire, a longing, an appetite for something | show 🗑
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| show | Karl Menger
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| show | Mercantilism
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| This is a tax that governments apply only to imported goods | show 🗑
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| This is a rule of nature,favored natural economy as opposed to unatrual or artificial economy caused by mercantilism | show 🗑
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| show | Laissez- faire
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| He is the Father and founder of Modern Economics wrote Wealth of Nations, Theory of Moral Sentiments, Inquiry into the Nature | show 🗑
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| show | The wealth of nations
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| show | Labor
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| show | Imperialism
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| There are 4 categories What is the last one? | show 🗑
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| show | Labor
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| What is the third cateegory of factor of production? | show 🗑
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| show | Value in use and value in exchange
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| show | Value in use
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| Value in which a particular good is worth in exchange for some other good. | show 🗑
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| This is the amount of money that a buyer pays the seller for a particular item | show 🗑
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| show | Market price
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| show | Diminishing marginal utility
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| show | Marginal utility
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| This is the total amount of satisfaction a consumer receives from possessing a particular amount of some good. This is the total of all marginal utility | show 🗑
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| This is the relationship between a good's price and the amount that people are willing to buy | show 🗑
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| Other things remaining equal, as the price of a good increases, the quantity demanded decreases in a free market economy | show 🗑
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| This is when the price of a good falls and consumers tend to buy more of that good or of the other items because they can do so without giving up anything. They have expanded buying power, | show 🗑
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| show | Law of demand
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| This is a principle stating that people tend to substitute less expansive goods for goods whose prices have risen. | show 🗑
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| This is a list of numbers that compares price with quantity demanded | show 🗑
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| show | Demand curve
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| show | 1) Tastes and Preferences
2) Income
3) Population
4) Prices of related goods
5) Consumer Expectations
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| This is a good whose demand is directly related to consumer's incomes like steaks and new cars and airlines | show 🗑
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| This is a good whose demand for these items falls as consumers' incomes rice and vice versa. | show 🗑
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| show | Substitute good
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| This is a good often used in conjunction with another. The price of one affects the demand for the other. The price of one rises and the demand for the other falls | show 🗑
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| show | Change in demand
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| This refers to the movement from one point to another on a long fixed demand curve. Influenced by price. Only a increase or decrease of price can change this, | show 🗑
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| show | Supply
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| This is a law that states other things remaining equal, as the price of a good increases, the quantity supplied also increases in a free market economy | show 🗑
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| show | Supply schedule
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| This law states that the direct relationship between the price of a good and the amount that suppliers will make available. Its saying that if the price of a good drops, the quantity that is supplied of that good also falls. | show 🗑
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| show | Supply curve
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| show | Quantity supplied
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| These are factors that can shift a supply curve what are they? | show 🗑
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| show | Subsidies
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| show | Change in quantity supplied
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| show | Producer
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| This is another name for a demander | show 🗑
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| show | Equilibrium
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| This is a situation in which the quantity demanded exceeds the quantity supplied at a given price | show 🗑
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| show | Surplus
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| True or false demand is mostly elastic | show 🗑
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| show | Price elasticity of demand
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| show | Inelastic
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| This is when governments place a limit on how a producer may charge for his product. | show 🗑
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| show | Price floors
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| show | Price ceiling
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| The result of this is often a surplus of goods | show 🗑
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Created by:
Leslie Spark
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