Falco's Flashcards
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Created by:
falcowang97 on March 19, 2012
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Economic terms
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24 terms
Terms | Definitions |
|---|---|
 Economics | The study of the branch of knowledge concerned with production, consumption, and transfer of wealth. |
| Economy | The wealth or resource of a particular country or region, in terms of production and consumption of goods. |
| Microeconomics | The part of economics concerned with single factors and the effects of individual decisions. |
| Macroeconomics | The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. |
| Needs | Resources that people need to survive in terms of economics. |
| Wants | Resources or things that people want but doesn't necessarily need to survive; it is more of a desire |
| Scarcity | Insufficient for the demand of resources |
| Finite | A limit or bound of a resource |
| Resources | A supply of materials or things that people need or want |
| Land | The minerals and resources connected to the land, for example diamond and oil |
| Labour | The number of people willing and able to work and the skills that they have |
| Capital | The quantity of equipment and wealth in an economy, such as machinery and transport |
| Entrepreneurship | The ability of people/managers to manage people invent new ideas and to take risks |
| The law of demand | In economics, the law of demand is an economic law that states that consumers buy more of a good when its price decreases and less when its price increases. |
| A demand schedule | A table that lists the quantity of a good a person will buy at each different price |
| The demand curve | is the graph depicting the relationship between the price of a certain commodity, and the amount of it that consumers are willing and able to purchase at that given price. |
| Effective demand | When you are willing and able to demand and buy something |
| Latent Demand | When you want to buy something but don't have the ability to buy it or will sacrifice too many other things so that you wont buy it. |
| Ceteris paribus | A Latin phrase, literally translated as "with other things the same," or "all other things being equal or held constant." |
| Normal goods | Any goods for which demand increases when income increases and falls when income decreases but price remains constant. |
| Inferior good | a good that decreases in demand when consumer income rises, unlike normal goods, for which the opposite is observed. |
| A complementary good | A good's demand is decreased when the price of another good is decreased. Conversely, the demand for a good is increased when the price of another good is increased. |
| A substitute good | A good's demand is increased when the price of another good is decreased. Conversely, the demand for a good is decreased when the price of another good is increased. |
| Resource allocation | To assign the available resources in an economic way. It is part of resource management. |
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