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Economic concepts...Word set 1
Terms in this set (14)
Supply describes the total amount of a specific good or service that is available to customers.
A consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
The specific point where demand matches supply at the same price. Maintained by price changes responding to shifts in in supply or demand.
Scarcity of Resources
A basic economic problem that arises because people have unlimited wants but resources are limited.
The value of a forgone activity or alternative when another item or activity is chosen.
Long-term Unintended Consequences
Are outcomes that are not the ones intended by a purposeful action.
The cost added by producing one extra item of a product.
Refers to the additional satisfaction created by the consumption of one more unit of a good or service.
Factors of Production
Land, Capital, and Labor are examples.
An economy where production of goods and services are regulated by the laws of supply and demand.
An economy where supply and price are regulated by the government rather than market forces.
An original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates.
Is commonly defined as an economic system in which both the private sector and the government direct the economy.
Is often touted as the world's first free-market capitalist. Author of "Wealth of Nations"
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