Economics 3
About this set
Created by:
Leonard3900 on January 15, 2011
Log in to favorite or report as inappropriate.
Order by
19 terms
Terms | Definitions |
|---|---|
 Capitalism | An economic system in which the resources needed 4 production are privately owned. |
| Financial Capital or Simply Capital | Money used to pay 4 capital goods. |
| Capitalist | Owners of the resources that are needed for production and manufacturing, such as factories and machinery. |
| Capital goods | people made resources such as factories machines, and tools. |
| Contracts | Formal agreements about the use or sale of property or labor. |
| Depression | A time of very slow economic activity and high unemployment . |
| Inflation | A continuing rise in prices . |
| Power point | Supplies and demand cheaper the price more people not cheap the price less people laws of supply and demand. |
| What is demand | The willingness 2 buy a good or service at all prices. |
| What is the laws of demand | If nothing else change the quantity demand of a good or service is greater out lower prices then higher. |
| What is supply | Supply is the quantity of a good or service a firm is willing to produce at all prices . |
| What is the law of supply | If nothing else changes, firms are willing to supply a greater quantity of good or service at higher prices than lower. |
| Determinates of demand | price, out look. |
| Prices | Income, number,taste. |
| Income | normal goods versus inferior goods. |
| Number | Potential customers pop of market. |
| Taste | Fads or fashions. |
| Price2 | of other goods substitude or complementarty. |
| Out Look | Consumer expection of future income and prices. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.