Micro-Economics

food & water, clothing & shelter

An economic system, like modern socialism, that combines features of the other systems

Who are you in a capitalist country?

Willingness to take a risk to bring the factors of production together for the new hotness

Producers' WILLINGNESS to sell a certain amount of a good or service at a certain price

An economic system in which the ancestors have already made the decisions

Consumers are willing to buy more than producers are willing to sell at a certain price

Two goods that are really only used with each other (ex. lace-up shoes and shoelaces)

Our WILLINGNESS to buy a certain amount of a good or service at a certain price

2 goods or services that can take the place of each other with little or no opportunity cost

An economic system in which government makes the decisions and controls the CELL

When producers and consumers agree on price and quantity

An economic system based exclusively on consumer choices (the invisible hand)

How much quantity demanded or supplied changes relative changes in price

When we are forced to make a trade-off, that which we lose, give up, or cannot have

Rational decision-making means choosing

Work done by human beings

Any place, real or virtual, where consumers and producers come together to buy and sell

Resources affected by humans used to produce goods and services (ex. money, computers, trucks)

Producers are willing to sell more than consumers are willing to buy at a certain price