Economics

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The study of how people seek to satisfy thier needs and wants by making choices

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Economics

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physical objects such as clothes or shoes

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goods

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actions or activities one person performs for another

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services

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limited quantities of resources to meet unlimitied wants

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scarcity

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ambitious leadrer who combines land,labor, and capital to create and market new goods or servies

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entrepreneur

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an alternative we sacrafice when we make a decision

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trade-off

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the most desireable alternative given up as the result of a decision

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opportunity cost

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a curve that shows alt. ways to use an economys resources

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productions possibilities curve

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the line on a productions possibilities graph that shows the max. possible output for a specific economy

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productions possibilities frontier

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using fewer resources than an economy is capable of using

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underutilization

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the meathod used by a society to produce and ditribute goods and services

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economic systems

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gov. programs that protect people experiencing unfavorable economic conditions

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safety net

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the concentration of the productive efforts of individuals and firms on a limited number of activities

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specialization

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an arrangement that allows byers and sellers to exchange things

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market

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a person or group of people living in the same residence

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household

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an organization that uses resources to produce a product, which it then sells

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firm

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an expectation that encourages people to behave in a certain way

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incentive

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market in which firms purchase the factors of production from households

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factor market

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the market in which households purchase the goods and services that firms produce

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product market

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a social and political philosphy based on the belief that democratic means should be unsed to evenly distribute wealth throughout a society

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socialism

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a political system characterized by a certainly planned economy with all economic and political pwer resting in the hands of the central activity

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communism

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the doctrine that states that gov. generally should not intervene in the albility to own it

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laissez faire

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the desire to own something and the ability ro own it

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demand

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when consumers react to an increase in a goods price by consuming less of that good and more of other goods

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subsitution effect

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the change in comsumption resulting from a change in real income

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income effect

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a table that lists the quantity of a good a person will buy at each diff. price

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demand schedule

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a graphic represntation of a demand schedule

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demand curve

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2 goods that are bought and used together

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complements

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goods used in place of each other

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subsitutes

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a good that consumers demand more of when their incomes increase

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normal good

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a measure of the ways quantity supplied reacts to change in price

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elasticity of demand

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demand that is very sensitive to a change in price

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elastic

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demand that is not very sesitive to a chahnge in price

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inelastic

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the amount of goods availble

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supply

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the amount of a supplier is willing and able to supply at a certain price

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quantity supplied

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a chart that lists how much of a good supplier will offer at different prices

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supply schedule

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a graph of the quantity supplied of a good at diff. prices

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supply curve

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a graph of the quantity supplied of a good by all suppliers at diff. prices

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market supply curve

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a measue of the way quantity supplied reacts to a change in price

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elasticity of supply

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an independent agency of the gov. that regualtes financial markets and investment companies.

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S.E.C (Securities and exchange commission)

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the change in output from hiring one additional unit of labor

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marginal product of labor

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a level of production in which the marginal product of labor increases as the number of workers increases

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increasing marginal returns

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a level of production in which the marginal product of labor decreases as the number of workers increases

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diminishing marginal returns

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fixed costs plus variable costs

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total cost

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the cost of producing one more unit of a good

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marginal cost

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cost of operating a facility such as a store or factory

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operating cost

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a gov. payment that supports a business or market

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subsidy

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tax on the production or sale of a good

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excise tax

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est. formed to carry on a commercial enterprise

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business organization

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auth. to start a business issued by the local gov.

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business licence

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law in a city/town that designates seperate areas for residency and for business

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zoning law

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legally bound obligation to pay debts

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liability

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payment other than wages or salaries

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fringe benefit

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partnership agreement

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articles of partnership

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act ordering common ordership interests,profit and loss sharing, and shared management resonsibilities in a partnership

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Uniform Partnership Act

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cert. of ownership in a corporation

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stock

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formal contract to repay borrowed $ w/an interest at fixed intervals

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bond

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portion of corporate profits paid out to stockholders

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dividend

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business combination merging more that 3 businesses that make unrelated products

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conglomerate

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all nonmilitary people who are employed or unemployed

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labor force

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temporary jobs or part time jobs

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contigent employmnet

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value of output produced

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productivity

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unofficial,invisible barrier that prevents women and minorities from advancing in business dominated by white men

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glass ceiling

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organization of workers that tries to improve working conditions,wages,and benefits for its members.

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labor union

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a measure that bans mandatory union membership

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right-to-work

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process in which union and company represenatives meet to negotiate a new labor contract

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collective barganing

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act of redirecting resources from being consumed today so that they may create benefits in the future

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investment

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claim on the property or income of a borrower

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financial asset

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fund that pools the savings of many indivduals and invests this money in a variety of stocks,bonds,and all financial assets

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mutual fund

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spreading out of investments to reduce risks

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diverseification

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a collestion of financial assets

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portfolio

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an investment report to potential inventors

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prospectus

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practice of making high-risk investments w.borrowed money in hopes of getting a big return

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speculatino

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the collapse of the stock market in 1929

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great crash

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a lower-rated, potentially higher-paying bond

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junk bond

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portion of a stock

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share

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diff. between a higher selling price and a lower purchase price, resulting in a financial gain for the seller.

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capital gain

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diff. betweeen a higher selling price and a lower selling price, resulting in a financial loss for the seller.

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capital loss

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division of a single share of stock into more than one share

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stock split

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business that specializes in trading stocks

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brokerage firm

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american market for OTC securities

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NASDAQ

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struggle among producers for the dollars of consumers; rivalry among sellers to attract customers while lowering costs

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competition

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a market for buying and selling stock

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stock exchange