Flashcards
ecomonics cards
Cards in this deck (29)
- 1situation in which the supply of the good service available is less than then demand for itshortage
- 2the amount of a good or service that consumers are willing and able to buy over a range of pricesdemand
- 3a location or an arrangement that allows buyers and sellers to get together and buy or sell a certain productmarket
- 4a market economy that has elements of command and traditionmixed market economy
- 5a nations way of producing things its people want and needeconomic system
- 6an expense that doesn't change no matter how much a business producesfixed change
- 7an economic system in which the decisions to produce are based on custom or habittraditional economy
- 8the money a business receives from selling its goods or servicesrevenue
- 9a person who buys goods and servicesconsumer
- 10an expense that changes depending on how much a business producesvariable cost
- 11efforts by different businesses to sell the good or servicecompetition
- 12the combination of all fixed and variable coststotal cost
- 13the study of how individuals and nations make choices about ways to use scare resources to fulfill their needs and wantseconomics
- 14the additional or extra opportunity cost associated with each increase of one unit of salesmarginal cost
- 15the price set for a good or service in the marketplace, where demand and supply are perfectly balancedequilibrium price
- 16the cost of the next best use of time or money when choosing to do omne thing or anotheropportunity cost
- 17the situation of not having enough resources to satisfy all ones wantsscarcity
- 18the additonal income recived from eachincrease of one unit of salemarginal revenue
- 19the amount of a good or servuice that producers are willling and able to sell over a range of pricessupply
- 20economic model that compares the marginal costs and marginal costs and marginal benfits of a decisonbenift cost analysis
- 21an economica system in which the government makes the major wconomic decisonscommand economy
- 22situaion in which the amount of a good or service supplied by producers is greater than the amount demanded by consumerssurplus
- 23desire indiviuals and nations ahve that can be met by getting a good or a servicewant
- 24the alternative you face when you decide to do one thing rather than anothertrade off
- 25an economic sytem in which individuals and businesses own all resources and make economic decisions based on pricemarket economy
- 26a person or business tha tprovides goods and servicesproducer
- 27a thing that can be used (natural resources, labor, capital) to make goods or sevicesresource
- 28its worth extra tiem and moneycoast benifit
- 29to produces somethingfinished product
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- Flashcards on ecomonics cards, created by Mackenzie Ring on 18/01/2019.
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- Mackenzie Ring
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