occurs when individual workers focus on single tasks, enabling each worker to become more efficient and productive
the worker, firm, region, or country with the lowest opportunity cost of producing an output should specialize in that output
the ability to make something using fewer resources than other producers require
the laws, customs, manners, conventions, and other institutional underpinnings that encourage people to pursue productive activity
an expansion of the economy's production possibilities, or ability to produce
each additional increment of one good requires the economy to give up successively larger increments of the other good
producing the maximum possible output from available resources, meaning the economy cannot produce more of one good without producing less of the other good
an economic system shaped largely by custom or religion production possibilities frontier- shows the possible combinations of two types of goods that can be produced when available resources are employed efficiently
an economic system in the process of shifting from central planning to competitive markets
describes the U.S. economic system, where markets play a relatively large role
an economic system that mixes central planning with competitive markets
an economic system in which all resources are government-owned and all production is directed by the central plans of government
an economic system with no government so that private firms account for all production
the set of mechanisms and institutions that resolves the what, how, and for whom questions for an economy
the doctrine that states that government generally should not intervene in the marketplace "let them do as they please"
property owned by individuals or companies, not by the government or the people as a whole
an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
to sell state-run firms to idividuals
large farm leased from the state to groups of peasant farmers
requiring strict obedience to an authority, such as a dictator
a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
the powers of the consumers to decide what gets produced
term economists use to describe the self-regulating nature of the marketplace
the struggle among producers for the dollars of consumers
an expectation that encourages people to behave in a certain way
Decisions by an individual about what to do and what not to do
Anything that can be used to produce something else
What you have to give up in order to get what you want
When you compare the costs with the benefits of doing something
Decisions based on the additional benefit versus the additional cost
An economic situation when no individual would be better off doing something different
When everyone gets his or her fair share
If the opportunity cost of producing the good is lower for that individual than for other people
When an individual can do an activity better than other people
A form of trade when people directly exchange goods or services that they have for goods or services that they want
The amount of goods available.
When producers offer more of a good as its price increases.
The amount that a supplier is willing and able to supply at a specific price.
A cost that rices or falls depending on the quantity produced.
A cost that does not change.
A tax on the production or sale of a good.
The sum of fixed costs plus variable costs.
The cost of producing one more unit of a good.
The total cost divided by the quantity produced.
The cost of operating a facility such as a factory or a store.
The desire to own something and the ability to pay for it.
To buy more of a good when its price is lower.
when consumers react to an increase in a goods price by consuming less.
The change in consumption that results when a price increases causes real income to decline.
A table that lists the quantity of a good a person will buy at various prices in a market.
A table that lists the quantity of a good all consumers in a market will buy at various prices.
a graphic representation of a demand schedule.
A good that consumers demand more when their incomes increases.
A good that consumers demand less of what their incomes increase.
The statistical characteristics of population and population segments.
A measure of how consumers respond to price change.
The total amount of money a company receives by selling goods or services.
Raw materials found in nature
Buildings and equipment used to produce goods and services
Society's shortage of resources
Quantity of product that businesses are willing to provide
A combination of a market and command economy
The means which goods and services are produced
Quantity of product consumers willing but at a given price
People who work to produce goods and services
Type of resource that improves the goods and services we want
An economy in which economic decisions are made in marketplace
When quantity demanded meets quantity supplied
The study of how people make buying decisions
An economy in which a central authority makes economic decisions
Something that is both desirable and limited
The utility you get for adding one or more of something
The increase cost of adding one or more of something
Focusing on what you or other factors of production do best
The allocation of resources stems from ritual,habit, and tradition
The distribution of supply and resources
The government answer the 3 basic economic questions
The people act in their own best interest to answer the 3 basic economic questions
A mix of command and market economy
Doing what is fair
What to produce, how to produce it , and whom to produce it for
Item that is economically or satisfies economic want
Way in which humans allocate scarce resourced to produce various commodities and how those commodities are distributed for societal consumption
Goods and services desired but not necessary for survival
Goods and services necessary to survival
Human skills required to start and run a business
Materials used to make goods and services
Amount of a product available to the market
Consumer's willingness to buy a product
Occurs when a product is produced in larger quantities than it is demanded
Occurs when a product is demanded in larger quantities than it is produced
Occurs when a product is demanded in the same quantity it is produced
Amount of goods and services the people of a country can buy
General increase in the cost of goods and services
General decrease in the cost of goods and services
When the government spends more on programs than it collects in taxes
Total amount of money owed by the federal government
When the government collects more in taxes than it spends on programs
Rise and fall of economic activity over time
Decline in economic activity
A deep, long-term decline in economic activity
Rise in business activity after a recession or depression
Economic system based on private ownership of the means of operation for profit
Economic system in which the central government makes all decisions on the production and consumption of goods and services
The struggle among producers for the dollar of consumers, the rivalry Long sellers to attract consumers while lowering the cost
Person or over not Seshan that uses economic services f person or over notation that uses economic services or commoditives
Goods that are ultimate rather than use in production of another good
The removal of some government controls over at market
Economic systemsThe method used by S a society to produce and distribute goods and services
Using resources in such a way as to Max the production of goods and services
The power of the government to take private property and convert it to public use
Concept or idea of fairness in economics
Freedom to prosper within a country without the intervention from the government or the economic author
Increase the amount of the population over period of time
The act of redirecting resources from being consumed today so that they may create benefits in the future, the use of assets to earn the income or profit
Economic systems in which decisions on production and consumption of goods and services are based on voluntary exchange and markets
Entitlement program that benefits low income families, some people with disabilities and elderly people in nursing homes
National health insurance program that helps pay for health care for people over the age of 65, or who have certain disabilities
Economic system that combines the free market with very limited government
The cost that is suffered by a third-party as a result of an economic transaction
License that gives a inventor of a new product the exclusive right to sell it for a certain period of time
Occurs when the consumption of the production of a good calls a benefit to a third-party
The sale or transfer of state owned businesses to an individual
Value of an output produced
The force that encourage people and organizations to improve their material well-being
Right theoretical search showing in force constructs in the economics for determining how a resource or economic good is used and owned
Programs and Stabley S-t by the US government to provide housing for low income families, disabled people, and the elderly
The business of supplying a common the or ser The business of supplying a commodity or service. Service rendered in public interesr
Financial instrument that represents an ownership of possession in a publicly Financial instrument that represents an ownership of possession in a publicly trade corporation, I created your relationship with the government body, right to ownership as a representative