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Economics Review

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