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19 Cards in this Set
- Front
- Back
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scarcity
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the basic problem of all economic life
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market
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the type of economy that allows individuals to make their own decisions
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Cuba
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has a command economy
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public goods
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such things like parks andf schools
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private goods
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something like a cell phone or a home
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subsity
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money the government gives to businesses.
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limited liability
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When the company, not the owner, is responsible for the business' debts.
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government-owned organization
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A corporation owned by the government.
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Horizontal Merger
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The joining of companies that offer the same or similar products.
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Oligopoly
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A market where only a few sellers offer similar products.
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Monopoly
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A market with NO competition.
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Opportunity Cost
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The alternate that we sacrifice when we make a decision.
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Complements
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Two good that are bought and used together
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Substitutes
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Goods used in place of one another
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Surplus
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Quantity supplied is greater then quantity demanded
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Shortage
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Quantity demanded is greater then quantity supplied.
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equilibrium
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The point at which quantity demanded and quantity supplied are equal.
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supply
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The amount of goods availiable
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demand
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The desire to own something and having the ability to pay for it
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