Flashcard Set Preview
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economic system
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the way in which a society uses needs and wants
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services
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some activity or function which persons do for other persons for free or payment
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normative economics
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focuses on economic behavior and activity as it could or should be
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economics
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the study of hoe people and sociteties chose to use their resources to satisfy their wants...
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scarcity
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basic economic problem and a lack of enough resources to satisfy all of peoples wants and needs
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supply
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quantity of a good/service producers/sellers are willing and able to supply at each price
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price
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a value is expressed by price, as it increses so does value, price is an insentive to buy or...
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economists
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adam smith-father of economics, wealth of nations (book)
cark marks-father of socialism, socialism...
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opportunity cost
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the value of the bext best alternative not chosen
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demand
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quantity of a good/services buyers are willing and able to buy at each price
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value
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as value increases so does price
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bb
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bb
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opportunity benefit
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the value of the alternative chosen
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positive econ
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explains economic bahvior as it as
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sellers market
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high prices are an incentive for sellers to sell
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buyers market
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low prices are an incetive for buyers to buy
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non durable goods
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goods, which are perishable, consumed once, can never be used agian. ex- food and gas
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micro econ
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a branch of economics, which studies the behavior and activity of individuals
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macro econ
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a branch of economics which studies the behavior of the economy as a whole *aggregate-total*
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| 20 |
the 2 types of incentives and define
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incentive: reason for doing something
1. Monetary: paycheck
2. non-monetary: product and...
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complimentary goods(define) give examples
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goods that go together ex- PB and J
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| 22 |
4 factors of production
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Land- natural resources provided by nature ex: water, timber
Labor- human labor only. ex:...
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4 tests of elacticity
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elastic- want, relativly expensive, many substitutes, time to plan, Total Revebue test. If...
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