Essential Economic Terms
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| show | the study of how people choose to use their limited resources to satisfy unlimited wants
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| show | a term used for things that produce income
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| Resources | show 🗑
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| show | a medium that allows buyers and sellers of a specific good or service to come together for an exchange
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| show | something that provokes an action or greater effort, as a reward for increased productivity
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| show | a market containing a single firm that has or s close to total control of the sector
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| show | decisions based on whether to do a bit more or less of of something. (not "either or" but "how much")
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| Opportunity Costs | show 🗑
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| Comparative Advantage | show 🗑
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| show | being very good or even excellent at a particular thing or task
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| Interdependence | show 🗑
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| Profit | show 🗑
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| Trade-Off | show 🗑
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| Supply | show 🗑
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| Subsidy | show 🗑
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| Demand | show 🗑
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| show | a tax imposed on some goods, especially luxury items, which adds to the production costs of every unit produced
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| Individual Choice | show 🗑
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| show | materials and parts businesses use to make products and services to sell
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| show | finished products made and sold by businesses
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| Market Cap | show 🗑
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| show | the central banking system of the United States of America
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| show | the monetary value of all the finished goods and services produced within a country's borders in a specific time period
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| Unemployment | show 🗑
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| Tariff | show 🗑
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| show | when prices of goods and services fall and people can purchase more good with limited money (high dollar value)
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| show | when the prices of goods and services get a boost which decreases the buying power of the money (low dollar value)
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| show | the process of designing, launching and running a new business
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