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12 Cards in this Set
- Front
- Back
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Market
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an arrangement that allows buyer and seller to exchange things,
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Specialization
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the concentration of the productive efforts of individuals and firms on a limited number of activities.
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Household
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A person or group of people living at the same residence.
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Firm
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an organization that uses resources to produce a product, which it than sells.
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Factor Market
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Market in which firms purchase LLc from households
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Profit
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The financial gain made in a transaction
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Product Market
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the market in which households purchase the goods and services that firms produce.
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Self intrest
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One's own personal gain
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INCENTIVE
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an expectation that encourages people to behave a certian way
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competetion
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the struggle among producers for the money of consumers.
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Invisable Hand
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Term economists use to describe the self-regulating nature of the market place
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Consumer Soverignty
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the power of consumers to decide what gets produced.
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