Economics 3
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Created by:
Leonard3900 on January 15, 2011
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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. |
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