The structure of methods that a society uses to produce and distribute goods and services
The income people receive in return for supplying factors of production
The amount of money a business receives in excess of its expenses
Level of economic prosperity
Any arrangement that allows buyers and sellers to exchange things
An organization that uses resources to produce a product or service, which it then sells
A person or group of people living in a single residence
The arena of exchange in which firms purchase the factors of production from households
A range of economic and political systems based on the belief that wealth should be evenly distributed throughout society
A political system in which the government owns and controls all resources and means of productions and makes all economic decisions
Describing a form of government that limits individual freedoms and requires strict obedience from its citizens
Another name for a centrally planned economy
The doctrine that government generally should not intervene in the marketplace
Property that is owned by individuals or companies, not by the government or the people as a whole
A market-based economic system in which the government is involved to some extent
A period of change in which nation moves from one economic system to another
The incentive that drives individuals and business owners to improve their material well-being
The principle that anyone can compete in the marketplace
The principle that everyone has the same legal rights
The principle that people have the right to control their possessions and use them as they wish
The study of economic behavior and decisions in a nations whole economy
The study of economic behavior and decision-making in small units, such as households or firms
A period of macroeconomic expansion, or growth, followed by one of contraction, or decline
A proposed law submitted directly to the public
The word for exchanging goods and services, sometime between countries
Something that a person would like but is not necessary for their survival.
When money or goods are traded or exchanged for other goods or services
When a company focuses on a small range of products in order to more efficient and their business more profitable.
The person selling the goods or providing the service.
When a person keeps their money instead of spending it.
What people must give up in order to get what they want the most
What a person requires to live - food, water, shelter
A decision that must be made, the object or lesser value is given up and exchanged for something of more value.
The person receiving the goods or services.
How efficient a good or service is produced in order to increase profit.
Something that motivates someone to buy an item.
Fundamental economic problem that human wants exceed the availability of time, goods, and resources.
Factors of production classified as land, labor, and capital.
Study of how individuals and society choose to allocate scarce resources in order to satisfy unlimited wants.
Applies an economy wide perspective that focuses on such issues as inflation, unemployment, and the growth rate of the economy
Examines individual decision making units within the economy.
Simplifies desciptions of reality used to understand and predict economic events.
Deals with facts and therefore addresses, "What is" or "verifiable" questions.
Attempts to determine "what should be"
Latin phrase that means while certain variables change, "all other things remain unchanged".
Physical plants, machinery, and equipment used to produce other goods.
Mental and physical capacity of workers to produce goods and service.
Creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products.
Shorthand expression for any natural resource provided by nature.
Negative association between two variables
Best alternative sacrifices for a chosen alternative.
Curve that shows the maximum combinations of two outputs an economy to produce in a given period of time with its available resources and technology.
Principle that the opportunity cost increases as production of one output expands.
Ability of an economy to produce greater levels of output.
Accumulation of capital, such as factories, machines, and inventories, that is used to produce goods and services.
Body of knowledge apllied to how goods are produced.
Value of all final goods and services produced within the borders of a country
Compulsory payments made by individuals and businesses to the government
Goods and services produced in other countries and purchased by local businesses and individuals
Goods and services produced locally and then sold for consumption outside the borders of the country.
A negative economic growth for at least two successive quarters
A document that details expected revenue and projected expenditure
A business owned wholly or partly by the government and run by private authority, e.g ESKOM
An indirect tax on goods and services consumed in the economy
A sustained and significant increase in the general price level over a period of time; leads to a decline in the buying power of money.
An index that measure consumer inflation
An increase in the production of goods and services
People who want to work, are looking for work, but cannot find work
study of how people try to satisfy needs and with limited resources
physical objects that are produced
natural resources used to produce goods and services
basic requirement for survival
condition of not having enough resources to produce all the things people want
work performed for someone else
There is no such thing as a free lunch
representation of a need
most desirable alternative given up because of a decision made
use of resources to the maximum output
use of few resources than the economy is capable of using
...includes all the resources on the earth, in the earth, and in the water
one who combines the factors of production to create new items to be sold in market
the most desirable alternative given up when we make a decision
an alternative we sacrifice when we make a decision
using resources to maximize the production of goods and services
using fewer resources than an economy is capable of using
...is the lin on a production possibilities curve that shows when an economy is operating at maximum efficiency
an economic system that relies on habit, custom, or tradition to decide the three economic questions
the difference between the amount earned (revenue) and the amount spent to obtain or produce (expenses)
the study of how society manages its scarce resources
a place where households purchase goods and services that firms produce
the study of the choices people or individual businesses make to satisfy their wants and needs
an economic system in which businesses operate with minimal government intervention
...exists because humans have unlimited wants and needs and there are scarce resources to fulfill them
economic system that is based on equality or creating a classless society
actions that one person performs for another, for pay
condition in which human wants are forever greater than the available supply of time, goods, and resources
the basic categories of inputs used to produce goods and services, often called factors of production, and divided into three categories
any natural resource provided by nature that is used to produce goods and services
the mental and physical capacity of workers to produce goods and services
the creative ability of individuals to seek profits by taking risks and combining resources to produce innovative products
human-made goods used to produce other goods and services
study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants
branch of economics that studies decision making for the economy as a whole
branch of economics that studies descion making by a single individual, household, firm, industry, or level of government
a simplified description of reality used to understand and predict the relationship between variables
a phrase that means while certain variables change, "all things remain unchanged"
to occur with the other, not necessarily cause it
to produce or bring about the other, cause it
an analysis to statements that are verifiable
an analysis based on value judgement
the best alternative sacrificed for a chosen alternative
an examination of effects of additions to or subtractions from a current event
the accumulation of capital
the body of knowledge applied to how goods are produced
the ability of an economy to produce greater levels of output
a microscopic gene-carrying body in the nucleus of a cell
The material inside the nucleus of cells, carrying the genetic information of a living being
inherited characteristics from parents and grandparents
a basic unit of living matter
the core of a cell
Genetic information that determines an organism's characteristics
Living entity, eg animals, plants or microorganisms.
A type of cell division which produces daughter cells identical to the parent.
The shape of the DNA molecule, with two strands twisted together in a spiral.
-the means by which DNA and RNA molecules carry genetic information in living cells
it acts as a messenger carrying instructions from DNA for controlling the synthesis of proteins
points of operation, flywheels
solid, dust, liquid, gases
Elevations, heights, slippery surfaces
federal government agency that writes and enforces safety and health standards
unexpected happening that may result in injury or loss
buying goods and services
form to order goods
the creation of goods and services
specific economic resources
dentists performing tooth repair
the production of electricity
periodically stops and restarts.
turn out products without stopping
international quality control
written order about employees job assignments
A resource that can be found on Earth that can be used by people
A resource that cannot be replaced for thousands or millions of years.
A natural resource that can be replaced or renew itself
The process when water turns into a vapor
Process in which water vapor turns back into liquid
Water that falls to Earth
Provides the support and nutrients to help plants grow and thrive
Energy from plants is fuel for almost all?
Used to make furniture, paper, and building materials.
Cattle, Chickens, and Pigs are raised as a source of?