Study of how individuals and society make choices about ways to use scarce resources.
Economics
land, labor capital, entrepreneurship and technology
FactorsofProduction
goods used to make other goods and services
Capital
the next best alternative given up for the alternative that was chosen.
OpportunityCost
the amount of a good or service that producers are able and willing to sell at various prices during a specified time period.
Supply
the amount of a good or service that consumers are able and willing to buy at various possible
Demand
person or group that buys stuff
Consumer
People 10 gaillons of milk, store only has 1 gallon
Shortage
You have more food than the people want
Surplus
Tax imported goods
Tariffs
the fee on borrow money.
Interest
share of ownership in a corporation that entitles the buyer to a certain part of the future profits and assets of the corporation
Stocks
money loaned to the organization issuing the bond at a certain interest rate
Bonds
Real GDP declines for two consecutive quarters
Recession
tax on a sale
SalesTax
minimum an employer can pay
MinimumWage
named brand
NormalGoods
not named brand
InferiorGoods
not necessary for survival
Wants
necessary for survival
Needs