...Unaltered gifts of nature, these include elements such as minerals, timbers, and fresh air.
...Physical and mental abilities and efforts people use to create goods and services.
...The combination of vision, skill, ingenuity, and willingness to take risk that is needed to create and run a new business.
...Resources made and used by people to produce and distribute goods and services, these include tools, machines, and factories.
...Not enough resources to satisfy everyone's neds and wants.
...The study of people producing and exchanging scarce resources to get the goods and services they want and need
...The calue of the next best alternative or what you give up by choosing one alternative over another.
...the alternative given up when and economic choice is made.
...A system in which the basic economic questions of what to produce, how top produce, and for whom to produce is answered by the government.
...A system in which the basic economic questions of what to produce, how top produce, and for whom to produce is answered by tradition and custom.
...A system in which the basic economic questions of what to produce, how top produce, and for whom to produce is answered by the free market.
...Physical products that can be purchased. A product that can be touched.
...Work that one person performs for another for payment. A product that can not be touched.
...the cost of using one more unit of a good or service.
Production Possibilities Curve
...A diagram that represents the various combinations of goods or services and economy can produce when all productive resources are fully employed.
...The various quantities of a particular good or sercice consumers are willing and able to buy at different possible prices at a particular time.
...The various quantities of a particular good or sercice a seller is willing and able to sell at different possible prices at a particular time.
...A measure of how resposive consumers are to price changes.
...The impact that a price increase has on a consumer's decision to purcase an item or to substitute that item for a similar product that meets the same need or want but at a lower cost.
...The impact that a change in the price of products has on a consumer's buying power.
...A government payment that partially covers the cost of production this will decrease the cost of production to affect consumer behavior.
...A tax on the production or sale of a specific good or service. This will increase the cost of production to affect consumer .behavior.
...The tax that is taken out of income.
FICA (Federal Insurance Contributions Act Tax)
... Includes social security and medicare taxes. collected only by the federal government.
...A larger percentage of taxes are taken from people with low incomes than from people with high incomes.
...A larger percentage of taxes are taken from people with high incomes than from people with low incomes.
...The same percentage of income is taken from all taxpayers regardless of income level.
...A tax on assets given by one living person to another.
...A tax on property that is transferred to others upon the death of the owner.
Gross Domestic Product (GDP)
...The market value of all final goods and services produced within a nation's borders in a given period of time.
Gross National Product (GNP)
...A measure of the total value of the officially recorded goods and services produced by the citizens and corporations of a country in a given year
...A level ofunemployment in which none of the unemployment is caused by a decrease by economic activity.
GATT (General Agreement on Tariffs and trade)
Created after WW2 to promote world peace thru trade. It laid out rules/policies for International trade.
...Countries of the world with the highest standard of living.
...Countries that have moved or are moving from a command economy to a market economy.
Less Developed Country
...Countries with lower GDPs, and a lower standard of living.
...A law that cuts off most or all trade with a country.
Tariff (all types)
...A fee chargeed for goods brought into a country by another country. Revenue, protective.
Budgets (all types)
...A summary of income and expenditures over a period of time. Balanced, Deficit, and Surplus.
that part of the earnings of a corporation that is distributed to its shareholders
The price people pay for their insurance.
...The amount of money borrowed that must be repaid.
...a measure of how easily one can convert their savings into cash.
... the total dollar amount you pay to use credit. Can vary from creditor to creditor.
APR (Annual Percentage Rate)
...The measure for finance charge.
Features of fiscal policy that work automatically to steady the economy.
Diminishing Marginal Benefit
the benefit or satisfaction recieved from using one more unit of a good or service.
Law of Demand
people will buy more of something at lower prices than at higher prices.
Law of Supply
Supply will increase as the selling price increases.
Anyone who buys goods or services for personal use.