econ
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| supply | total amount of a specific good service that is available to consumers.
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| demand | quantity of consumers who are willing and able to buy products at various prices during a given period of time
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| producer | Create, or produce, goods and provide services
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| quantity supplied | The number of goods or services that suppliers will produce and sell at a given market price.
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| quantity demanded | total amount of a good or service that consumers demand over a given interval of time.
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| equilibrium | condition or state in which economic forces are balanced
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| shortage | condition where the quantity demanded is greater than the quantity supplied at the market price
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| surplus | the amount of an asset or resource that exceeds the portion that is utilized.
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| scarcity | when the demand for a resource is greater than the supply of that resource, as resources are limited. Limited goods, unlimited demand
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| opportunity cost | the value of the next-best alternative when a decision is made
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| trade-off | involves a sacrifice that must be made to get a certain product or experience.
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| marginal cost-benefit analysis | process used to measure the benefits of a decision or taking action minus the costs associated with taking that action.
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| 4 types of opportunity costs | land, labor, physical and human capital
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| economic system | societies or governments organize and distribute available resources, services, and goods across a geographic region or country
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| socialism | property and the means of production are owned in common, typically controlled by the state or government.
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| laissez faire | less the government is involved in the economy, the better off business will be, and by extension, society as a whole.
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| invisible hand | metaphor for the unseen forces that move the free market economy
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