Terms : Hide Images
| 13798708687 | microeconomics | how individuals, businesses, and industriws use scarce resources to satisfy wants | 0 | |
| 13798708688 | macroeconomics | how whole economies act in order to satisfy wants | 1 | |
| 13798708689 | opportunity cost | doing something means giving up something else | 2 | |
| 13798708690 | Ceteris Paribus | a Latin phrase that means "all other things held constant" | 3 | |
| 13798708691 | factors of production | all natural, human, and manufactured resources that help produce goods and services | 4 | |
| 13798708692 | land (FoP) | natural resource used to produce goods and services (rent = payment for the use of land) | 5 | |
| 13798708693 | labor (FoP) | people's physical and mental talents and efforts that are used to produce goods and services (wages = payment for the use of labor) | 6 | |
| 13798708694 | capital (FoP) | human-made goods that are used to produce other things (interest = payment for the use of capital) | 7 | |
| 13798708695 | entrepreneurial ability (FoP) | the human resource that combines other resources to produce a product, make decisions, innovate, and take risks (profit = payment for entrepreneurial ability) | 8 | |
| 13798708696 | factor market | where the factors of production are bought and sold | 9 | |
| 13798708697 | product market | where final goods and services are sold to consumers; not a physical place, more of a concept | 10 | |
| 13798708698 | business firm | organization that employs resources to oroduce a good or service for profit | 11 | |
| 13798708699 | circular flow model | a simplified representation of how the economy's transactions work together | 12 | |
| 13798708700 | production possibilities frontier (PPF) | a graphic representation of all possible combinations of two goods that an economy can produce | 13 | |
| 13798708701 | unemployed | the number of people who want to work but are not working | 14 | |
| 13798708702 | TReaT | technology resources trade are the 3 factors that shift the PPF | 15 | |
| 13798708703 | law of increasing opportunity cost | if units of a resource are added to fixed quantities of other resources, eventually the additional output decreases | 16 | |
| 13798708704 | trade-off | when all resources are used efficiently, in order to increase production of one good, the decision-maker must decrease production of another good | 17 | |
| 13798708705 | absolute advantage | the ability to produce more of a good or service than someone else using the same amount of resources | 18 | |
| 13798708706 | comparative advantage | the ability to produce a good or service at a lower opportunity cost than someone else | 19 | |
| 13798708707 | demand | the total amount of a good or service that people are willing and able to pay for | 20 | |
| 13798708708 | quantity demanded | the number of units of a good that consumers are willing and able to buy over a specified period of time at a specific price | 21 | |
| 13798708709 | law of demand | a lower price generally increases the amount of a commodity that people in a market are able and willing to buy, ceteris parabus | 22 |
