Economics BJU

the factor cost involving payments for labor used to produce goods and services

flashlights and batteries are

person to whom money is owed

production of more goods and services by using the existing factors more efficiently

items usually purchased together

a tangible thing with a measurable life span

candy bars are

The factor of production which is the creative combining of the other three factors

barrier intended to prevent the price of an item from falling below market price

Factor cost of borrowing money from a bank or other creditor

an item for which demand typically increases when buyers' incomes increase

government takes possession of industries which are cornerstones of the economy

Withdrawing money from an account or borrowing

having unlimited wants and never being satisfied

extreme form of socialism; people voluntarily labor and take only goods they need; no gov't

an item which resemble each other and may be used in place of each other

shares of ownership in a corporation

a tabular model noting the quantities of an item that suppliers will produce at various prices

investors only lose their investment if a business fails

a mandate that prices for certain items may not rise

a business firm owned by more than one person where one/more of them have no management input

ascribed to a good or service because of its nature

the survival of the fittest applied to economic wealth

items used to produce other goods

insufficient supply of an item resulting from price below market equilibrium price

government has only minimal ownership of resources and decision making power

using more human labor than real capital

majority of factors of production are privately owned, but gov't intervenes in many decisions

agreement to pay a debt owed by another

a business firm owned by the genral public and managed by government

production of more goods and services because firms use more factors of production

a business firm owned by one person

shifting of the demand curve when demand for an item increases or decreases regardless of price

the worth of a good or service is determined by its usefulness to a buyer

A good or service is finite or limited in quantity

the intersection of an item's supply and demand curves; consumers buy everything suppliers make

economic study concerned with choices made by individual units

a business firm owned by private citizens through purchase of stock and regulated by government

extreme form of state capitalism in which high taxes are used to provide social programs

business ceases to exist when the business owner dies

The factor of production which includes all natural resources

Factor cost for use of an owner's property

the higher the price consumers will pay, the more the supplier will produce, and vice versa

The factor of production which is the tools business firms use to produce goods and services

usefulness

a business firm owned by more than one person equally

excess of unsold products resulting from a price above the market price

the factor cost involving the rewards received for successful risk-taking

an intangible function produced by useful labor

equal distribution of income regardless of person's contribution to nation's wealth

Menger's principle that objects' values are determined by the buyers

the number of units of a product bought at a given price

powdered milk is

the lower the price charged, the greater the quantity purchased, and vice versa

economic study concerned large-scale choices and issues

change in the price of an item causes a change in the number a supplier will provide

using more equipment than human labor

shifting of supply curve when suppliers are willing to make more or less regardless of price

a tabular model displaying observations of utility received from a good or service

amount of a product a company is willing to provide at various prices

belief that government should leave the economy alone and allow people to seek own profit

extreme form of captialism; private citizens own all factors of production; no gov't

In 16th-18th c. Europe, economic idea to get gold and silver to make the nation rich

when a nation sells more goods to foreign nations than it buys

Allocation of limited resources to produce either consumer or capital goods

government is both central owner and economic decision maker

a graphic representation displaying observations of utility received from a good or service

a situation where income is less than expenses

The factor of production which is all human effort

steak and chicken are

a change in the price of an item causes a change in the number demanded

an item for which demand typically decreases when buyers' incomes increase

belief that citizens' only economic right is to own property without government interference

belief that each person has a right to part of the nation's wealth since he is human