front 1 Economics | back 1 The everyday business of life. A social science that studies the decisions people make when faced with scarce resources. In particular, economics is about decisions related to the production, distribution, and consumption of goods and services. (The study of how people deal with scarcity; the study of decision-making; choices) |
front 2 Demand | back 2 The quantity of a good or service that buyers are willing and able to buy at all possible prices during a certain time period. |
front 3 Demand Curve | back 3 The graphic representation of the quantity of a good or service that buyers are willing and able to buy at all possible prices during a certain time period. |
front 4 Supply | back 4 The quantity of a good or service that producers are willing and able to sell at all possible prices during a certain time period. |
front 5 Supply Curve | back 5 The graphic representation of the quantity of a good or service that producers are willing and able to sell at all possible prices during a certain time period. |
front 6 Deflation | back 6 A general, sustained downward movement of prices for goods and services in an economy. |
front 7 Inflation | back 7 A general, sustained upward movement of prices for goods and services in an economy. (Rise in prices) |
front 8 Macroeconomics | back 8 The study of the broad economy, such as how an economy grows and how growth is maintained. |
front 9 Microeconomics | back 9 The study of the markets that make up the broad economy. (The study in economics that looks into the individual) |
front 10 Elasticity of Demand | back 10 The ratio of the percentage change in quantity demanded of a good or service to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a good or service. |
front 11 Equilibrium Wage | back 11 The wage at which the quantity of labor supplied and quantity of labor demanded are equal. |
front 12 Equilibrium Price | back 12 The price at which the quantity supplied and quantity demanded are equal. The point at which the supply and demand curves intersect. |
front 13 Factors of Production | back 13 The natural, human, and capital resources that are available to make goods and services. Also known as productive resources. |
front 14 Labor | back 14 The quantity and quality of human effort directed toward producing goods and services. Also known as human resources. |
front 15 Land | back 15 Things that occur naturally in and on the earth that are used to produce goods and services. |
front 16 Scarcity | back 16 The condition that exists because there are not enough resources to produce everyone's wants. |
front 17 Goods | back 17 Objects that satisfy people's wants. Examples: clothes or shoes |
front 18 Services | back 18 Actions that can satisfy people's wants. |
front 19 Needs | back 19 Highly prioritized wants. (food, water, shelter) |
front 20 Wants | back 20 Desires that can be satisfied by consuming goods and services. (Things that you would like, but don’t need) |
front 21 Natural Resources | back 21 Things that occur naturally in and on the earth that are used to produce goods and services. (Example: land, forests, water) |
front 22 Human Resources | back 22 The quantity and quality of human effort directed toward producing goods and services. Also known as labor. |
front 23 Alternatives | back 23 The different possibilities to choose from in a given situation. |
front 24 Trade-Off | back 24 Giving up some of one thing in order to gain some of something else. (Giving up one alternative for another) |
front 25 Command Economy | back 25 An economic system where the government owns the resources and decides what goods and services are produced, how they are produced, and who gets them. The government decides the prices of goods, services, and resources. |
front 26 Resources | back 26 The natural, capital, and human resources used to produce goods and services. Also known as productive resources. (the materials from which goods and services are made) |
front 27 Opportunity Cost | back 27 The value of the next-best alternative when a decision is made; it's what is given up. The most valuable choice (in terms of money, time, goods, and services given up) available that you DID NOT choose. |
front 28 Costs | back 28 Things unfavorable to a decision maker. (The value of time, money, goods, and services given up in an economic choice.) |
front 29 Adam Smith | back 29 The father of modern economics |
front 30 3 Economic Questions | back 30 What goods and services will be produced? How will the goods and services be produced? Who will receive / benefit from goods and services produced? |