Eco

Front 1

the study of how best to allocate scarce resources among competing uses

Back 1

economics

Front 2

the most desired goods and services that are forgone in order to obtain something else

Back 2

opportunity cost

Front 3

resource inputs used to produce goods and services; e.g. land labor capital and entrepreneurship

Back 3

factors of production

Front 4

lack of enough resources to satisfy all desired uses of those resources

Back 4

scarcity

Front 5

natural resources

Back 5

land

Front 6

number and skills of workers

Back 6

labor

Front 7

machinery, buildings, networks

Back 7

capital

Front 8

skill in creating products, services, processes

Back 8

entrepreneurship

Front 9

the alternative combinations of goods and services that could be produced in a given time period with all available resources and technology

Back 9

production possibilities curve
the what?

Front 10

expenditures on production of new plant and equipment capital in a given time period, plus changes in business inventories

Back 10

investment

Front 11

an increase in output (real GDP): an expansion of production possibilities

Back 11

economic growth

Front 12

the use of market prices and sales to signal desired outputs or resource allocations

Back 12

market mechanism

Front 13

the doctrine of "leave it along" of nonintervention by gov. in the market mechanism

Back 13

laissez faire

Front 14

an economy that uses both market and nonmarket signals to allocate goods and resources

Back 14

mixed economy

Front 15

an imperfection in the market mechanism that prevents optimal outcome

Back 15

market failure

Front 16

costs (or benefits) of a market activity borne by a third party; the difference between the social and private costs (or benefits) of a market activity

Back 16

externalities

Front 17

government intervention that fails to improve economic outcomes

Back 17

government failure

Front 18

the study of aggregate economic behavior, of the economy as a whole

Back 18

macroeconomics

Front 19

the study of individual behavior in the economy, of the components of the larger economy

Back 19

mircoeconomics

Front 20

the assumption that nothing else changes

Back 20

ceteris paribus

Front 21

all production entails an opportunity cost

Back 21

we can produce more of output a if we produce less of output b

Front 22

by multiplying the physical output of each good by its price,

Back 22

we can determine the total value of each good produced

Front 23

the total value of final goods and services produced within a nation's borders in a given time period

Back 23

GDP

Front 24

the value of output measured in current prices

Back 24

nominal GDP

Front 25

the inflation-adjusted value of GDP; the value of output measured in constant prices

Back 25

real GDP

this is what you compare

Front 26

total GDP divided by total population: average GDP

Back 26

per capita GDP

Front 27

an increase in output (real GDP); an expansion of production possibilities

Back 27

economic growth

Front 28

mix of output

Back 28

household consumption
business investment
gov services
exports

Front 29

consumers

Back 29

durables,
nondurables - food, water, inelastic
services

Front 30

expenditures on production of new plant and equipment (capital) in a given time period, plus changes in business inventories

Back 30

investment

Front 31

payments to individuals for which no current goods or services are exchanged; social security, welfare, unemployment benefits

Back 31

income transfers

Front 32

imports are greater than

Back 32

exports

Front 33

resource inputs used to produce goods and services, eg land labor capital entrepreneurship

Back 33

factors or production

Front 34

production processes that use a high ration of capital to labor inputs

Back 34

capital intensive

Front 35

output per unit of input, eg, output per labor hour

Back 35

productivity

Front 36

the knowledge and skills possessed by the workforce

Back 36

human capital

Front 37

a firm that produces the entire market supply of a particular good or service

Back 37

monopoly

Front 38

costs or benefits of a market activity borne by a third party

Back 38

externalities

Front 39

the way total personal income is divided up among households or income classes

Back 39

personal distribution of income

Front 40

a tax system in which tax rates rise as income rises

Back 40

progressive tax

Front 41

a tax system in which tax rates fall as incomes rise

Back 41

regressive tax

Front 42

any place where goods are bought and sold

Back 42

market

Front 43

any place where factors of production, land labor capital, entrep) are bought and sold

Back 43

factor market

Front 44

any place where finished goods and services products are bought and sold

Back 44

product market

Front 45

the direct exchange of one good for another, without the use of money

Back 45

barter

Front 46

the ability and willingness to sell/ produce specific quantities of a good at alternative prices in a given time period, ceteris paribus

Back 46

supply

Front 47

the ability and willingness to buy specific quantities of a good at alternative prices in a give time period, ceteris paribus

Back 47

demand

Front 48

the most desired goods or services that are forgone in order to obtain something else

Back 48

opportunity cost

Front 49

a table showing the quantities of a good a consumer is willing and able to buy at alternative prices in a give time period, ceteris paribus

Back 49

demand schedule

Front 50

a curve describing the quantities of a good a consumer is willing and able to buy at alternative prices in a given time period

Back 50

demand curve

Front 51

the quantity of a good demanded in a given time period increases as its price falls, inverse

Back 51

law of demand

Front 52

the assumption of nothing else changing

Back 52

ceteris paribus

Front 53

a change in the quantity demanded at any given price

Back 53

shift in demand

Front 54

changes in quantity demanded

Back 54

movements along a given demand curve in response to price changes of that good

Front 55

change in demand

Back 55

shifts of demand curve due to changes in tastes, income, other goods, expectations

Front 56

the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period; the sum of individual demands

Back 56

market demand

Front 57

the total quantities of a good that sellers are willing and able to sell at alternative prices in a given time period

Back 57

market supply

Front 58

the quantity of a good supplied in a given time period increases as its price increases

Back 58

law of supply

Front 59

the amount by which the quantity demanded exceeds the quantity supplied at a give price; excess demand

Back 59

market shortage

Front 60

the amount by which the quantity supplied exceeds the quantity demanded at a give price; excess supply

Back 60

market surplus

Front 61

upper limit imposed on the price of a good or service

Back 61

price ceiling
CDI
ceiling, demand increases so it causes a shortage

Front 62

lower limit imposed on the price of a good

Back 62

price floor
supply up, causes surpluses

Front 63

government intervention that fails to improve economic outcomes

Back 63

gov failure

Front 64

the use of market prices and sales to signal desired outputs or resource allocations

Back 64

market mechanism