Mrs. McTigue's terms for civics and economics 2017
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| Laissez-faire | "Hands off"- let the market decide instead of the government
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| Need | Basic requirement for survival
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| Mixed Economy | Combo Economy where the market makes the decisions but the government passes down rules and regulations
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| Factors of Productions | Combo of land, labor, capital and entrepreneurship needed to produce products
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| Command Economy | Government owns all resources and decides what to produce and who to produce it for
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| Market Economy | The Market owns resources and answers the three basic economic questions based on competition, profit incentives and self interest
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| Opportunity cost | the next best alternative given up for an economic choice
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| Economics | The study of how a society is satisfies it's unlimited wants and needs with it's limited resources
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| Traditional Economy | The resources are based on custom and tradition. tends to be more family/tribe centered.
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| Want | way of Expressing an unnecessary need
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| Value | What something is worth
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| Paradox of value | Non-necessities are expensive while basic needs are inexpensive
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| Scarcity | When there are not enough resources to satisfy a market's wants and needs
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| Cost-Benefit analysis | Comparing marginal costs and benefits of an action
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| Variable costs | Expenses that change based on the product produced
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| Fixed Costs | Expenses that never change
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| Marginal Costs | The extra cost to produce one more of the product
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| Substitute | A good purchased that's closely related to another product
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| Equilibrium | a situation in which quantity demanded equals quantity supplied.
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| complimentary good | goods that are typically purchased together.
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| Price Ceiling | the highest legal price that can be charged for a good
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| increase | the law of demand states that as demand increases prices will ___.
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| decrease | the law of supply states that as supply increases, prices will ___.
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| price floor | the lowest legal price that can be charged for a good
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| shortage | when quantity demanded is greater than quantity supplied
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| surplus | when quantity supplied is greater than quantity demanded
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| partnership | a business jointly owned by two or more persons
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| corporation | a business organization recognized by law as separate entity having the rights of an individual
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| sole proprietorship | a business owned and run by one person
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| conglomerates | a business that has at least four businesses all making different products
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| multinationnal | a corporation that has manufacturing or service operations in a number of different countries
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| horizontal merger | two or more businesses that produce the same kind of product
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| vertical merger | when businesses join together that are involved in different steps of the manufacturing process
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| perfect competition | characteristics are: many sellers, easy to get in and out of the market, products are nearly identical, and price is set by supply and demand
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| monopolistic competition | characteristics are: market sets the price, competitors compete with non-price competition tactics like customer service, quality
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| oligopoly | characteristics: very few sellers, difficult to enter the market, causes high prices
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| technical monopoly | occurs when businesses own a patent or copyright
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| geographic monopoly | occurs when it is the only business selling a good or service in town
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| monopoly | only one seller in a particular category, no close substitutes, almost impossible to enter the market
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