Create an account
concerned with the production, distribution, and consumption of goods and services. __________ is the study of how to allocate limited resources (scarcity) among competing uses in order to satisfy virtually unlimited wants.
the market itself
In a "free market", who controls what to produce, how to produce it, and for whom?
a quantified (mathematical or graphical) tool of analysis developed in order to understand a complex reality
production possibilities model
depiction of the varying quantities of two products that a firm (or country) can produce
payment for the use of capital, price paid for the borrowing of funds, OR rate of return for money invested
circular flow model
The movement of goods and services, factors of production, and money in an economy
goods and services
when $expenditures go to firms, __________ __________ __________ go to the household
taste, income, price of related goods
Change in __________ __________ __________ are factors that cause a change in demand
cost of production, demand for other goods
Factors that cause a change in supply are a change in __________ __________
government price support of a good whose price would normally be below equilibrium (market) price
Please allow access to your computer’s microphone to use Voice Recording.
Having trouble? Click here for help.
We can’t access your microphone!
Click the icon above to update your browser permissions and try again
Reload the page to try again!Reload
Press Cmd-0 to reset your zoom
Press Ctrl-0 to reset your zoom
It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.
Please upgrade Flash or install Chrome
to use Voice Recording.
For more help, see our troubleshooting page.
Your microphone is muted
For help fixing this issue, see this FAQ.
Star this term
You can study starred terms together