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What does the law of demand say about the relationship between price and quantity demanded?
The law of demand states that there is a negative relationship between price and quantity demanded.
What does the law of supply say about the relationship between price and quantity supplied?
The law of supply states that there is a positive relationship between price and quantity supplied.
Define Market Signals
Market signals are messages or signs in the market that tell producers and consumers what to do.
Define Surplus
Surplus means a situation where there is more of something than is needed or wanted.
Define Shortage
means a situation where there is not enough of something to meet the demand or need
Demand Schedule or Supplt Schedule
a list of numbers that compares price with quantity
Public Sector
The part of an economy controlled by national, state and local goverments
Private Sector
The part of an economy controlled by private individuals, businesses and organizations
Define durable goods
a good that is expected to last more than 3 years
Define nondurable good
a good that has a life expectancy of less thant 3 years
Define Value in use
value that is directly related to the benefits their owners receive through their use
Define Marginal Utility
the amount of satisfaction that results from one.unit increase of a product
What are taxes that goverments apply only to imported goods?
Tariffs
The two entities that make the majority of the economic decisions in the free market are private households and private bussinesses
True
Who is the person that risks his investment of time and money in the mangement of an economic enterprise?
Entrepreneur
What term refers to a person that owns a share of some business that produces goods?
Capitalist
What type of economy is directed by government?
Command Economy
"Father of Economics"
Adam Smith
Define division of labor
the separation of work into individualized tasks
Define Tariffs
taxes that goverments apply only to imported goods.
Define trade balance
The difference un value of the goods that a country sells abroad compared to those it purchases
Define Laws of Economics
The general principles guiding the production,distribution and consumption of goods.
Term used for an economist´s prediction of what will happen to an economy
Economic Forecast
Name given to scholars of the production, distribution and consumption of goods.
Economist
Define Value
The worth that consumers attach to a good.
Define Consumer
A person who uses goods.
Define Producer
A person who works to provide goods.
Define Demand
The amount of a good that is bought at a certain price under certain conditions.
Define Supply
The quantity of a good for sale at a certain price under a certain condition; the amount of a good that is produced.
Define Market
A mechanism that allows people to exchange goods.
Define Want
The human desire to have and use a certain good.
Define Service
An intangible good produced by labor for which people pay.
Define Good
A tangible item that people want and for which they will pay.
Define Economics
The study of the choices that individuals and societies make in the production,distribution, and consumption of goods.
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