• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

Card Range To Study



Play button


Play button




Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

50 Cards in this Set

  • Front
  • Back
Natural resources that are used to make goods and services.
The effort that people devote to a task for which they are paid.
The skills and knowledge gained by a worker through education and experience.
Human Capital
All human-made goods that are used to produce other goods and services; tools and buildings.
Physical Capital
An item that we desire but that is not an essential to survival.
Something like air, food, or shelter that is neccessary for survival.
An alternative we sacrifice when we make a decision.
Any human-made resource that is used to create other goods and services.
The most desirable alternative given up as the result of a decision
Opportunity Cost
Limited quantites of resources to meet unlimited wants.
Property owned by individuals or companies, not by the government or the people as a whole.
Private Property
Philosopher; The invisiable hand theory.
Adam Smith
A social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society.
An expectation that encourages people to behave in a certain way.
Economic system that combines the free market with limited government involvement.
Mixed Economy
Government aid to the poor.
An economis side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume.
A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.
Public Good
The study of the economic behavior and decision making if small units, such as individuals, families, and businesses.
The struggle among producers for the dollars of consumers; the rivalry among sellers to attract customers while lowering costs.
Two goods that are bought and used together.
The total amount of monry a firm recieves by selling goods or services.
Total Revenue
Described demand that is not very sensitive to a change in price.
A good that consumers demand more of when their income increases.
Normal Good
A good that consumers demand less of when their income increases.
Inferior Good
The desire to own something and the ability to pay for it.
A cost that rises or falls depending on how much is produced.
Variable Cost
The cost of producing one more unit of a good.
Marginal Cost
A measure of the way quantity supplied reacts to a chanhe in price.
Elasticity of Supply
The amount of good available.
A market in which goods are sold illegally.
Black Market
A maximum price that can be legally charged for a good or service.
Price Ceiling
A minimum price for a good or service.
Price Floor
The point at whic quantity demanded and quantity supplied are equal.
Combination of two or more companies into a single firm.
An agreement among firms to divide the market, set prices, or limit production.
A market structure in which a few large firms dominate a market.
A market dominated by a singlw seller.
A business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
a formal contract to repay borrowed money with interest at fixed intervals.
A legal entity owned by individual stockholders.
Money and other variables belonging to an individual or business.
A business owned and managed by a singlw individual.
Sole Proprietorship
A settlement technique in which a third party reviews the case and imposes a decision that is legally binding for both sides.
Someone who works in a industrial job, often in manufactouring, and who recieves wages.
Blue-Collar Workers
An organized work stoppage intended to force an employer to address union demands.
Labor that requires specialized akills and training.
Skilled Labor
The wage rate that producer neither an excess supply of workers no an excess demand for workers in the labor market.
Equilibrium Wage
Vakue of outout produced.
The theory that the completion of college indicates to employers that a job aplicant is intelligent and hard-working.
Screening Effect