free enterprise system - economic system characterized by private ownership of businesses operated for profit with economic freedom for both consumers and producers, scarcity - condition in which there are not enough resources available to produce everything that individuals demand, opportunity cost - the value of goods and services that are given up in order to obtain an alternative good or service, factors of production - the resources needed to produce goods and services, including land, labor, capital, and entrepreneurship, resources - supplies of something of value, economic system - process created to manage the production, consumption, and distribution of goods and services, circular flow model - a visual representation showing the relationship between the factor market and the product market, market - an arrangement that bring sellers and buyers together for economic transactions, supply - the total amount of goods and services offered for sale at various prices, demand - the total amount of goods and services consumers are willing to buy at various prices, equilibrium price - the price at which the quantity supplied in the market matches the quantity demanded in the market, absolute advantage - condition that occurs when someone can produce goods and services cheaper than another other producers, comparative advantage - condition that occurs when someone can produce at a lower opportunity cost than other producers, specialization - the development of skills and knowledge associated with one job or one area of expertise, pure competition - a market structure characterized by many producers supplying the same product and very few barriers to entry in the market, monopolistic competition - a market structure characterized by many producers supplying similar but varied products with few barriers to entry to the market, oligopoly - a market structure characterized by very few producers supplying similar products with high barriers to entry in the market, monopoly - a market structure characterized by one producer with a unique product and very high barriers to entry in the market, public good - economic products that are consumed collectively, such as highways, national defense, police and fire protection, target price - price floor for agricultural products set by the government to stabilize farm prices, rationing - system of allocating goods and services without prices; last used in WWII. , fixed costs - costs that a business or company incurs even if there are little or no activity, subsidy - government payment to encourage or protect a certain economic activity; has the greatest effect on the supply curve. , compliments - when one good increased the use of another good, Social Security program - provides benefits to the retired and disabled, consumer sovereignty - consumer is the ruler of the market, socialism - the government may own some or most factors of production, durable goods - goods that last for at least three years when used regularly (example: welder or oven), mixed economy - economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy, Gross Domestic Product (GDP) - comprehensive measure of a countries total output,

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