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13 Cards in this Set

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Productive resources
raw materials, tools, and labor that may be used to produce other goods or services that have the ability to satisfy human wants.
Profit
the difference between the total amount of money income received from selling a good or service and the total cost of providing that good or service.
Market-
the sum of all transactions that take place between buyers and sellers of a particular type of product.
Law of demand
a basic economic principle that states that as the price of goods or services rises, the quantity of those goods and services demanded will fall. Conversely, as the price falls, the quantity demanded we'll rise
Law of supply
a basic economic principle that states that as the price of goods or services rises, the quantity of those goods and services supplied will increase. Conversely, as the price falls, the quantity supplied will also decline
Equilibrium price
a price at which the quantity of a good or service demanded is exactly equal to the quantity that is supplied.
Consumer sovereignty
a situation in which consumers ultimately decide which products and styles will survive in the marketplace; that is, producers do not dictate consumer tastes
Monopoly
the only producer of a product that has no substitutes
Economic system
a set of understandings that governs the production and distribution of goods and services that satisfy human wants
Socialist economic system
an economic system in which there is a group(most often government)ownership of productive resources and control over the distribution of goods and services
Ethical behavior
essentially means acting in accordance with one's moral convictions as to what is right and what is wrong
Ethical investing-
is accomplished by making investments in companies that engage in socially responsible behavior.
Ethical shopping
purchasing products manufactured by socially responsible business firms and refusing to purchase products manufactured by firms whose ethical behavior is perceived to be reprehensible.