Basics of Economics

The study of the economy as a whole.

A good that consumers demand less of when their incomes increase.

The physical objects that someone produces and are then consumed.

A situation in which consumers want more of a good or service than producers are willing to supply at a given price.

An economy in which the government decides how economic resources will be allocated.

As one receives more of a good, the marginal utility received from each successive unit of the good decreases.

Tennis Balls and Tennis Rackets represent what type of goods?

A phrase that describes the process that turns self-directed gain into social and economic benefits for all.

When the unit cost of production decreases as the production level and efficiency increases.

This type of policy encourages people to do something because they think it will improve what others might think of them

The type of arrangement in which each worker focuses on a particular task or job, an assembly line...

This man coined the term "Laissez Faire" Economics

A table that shows the relationship between the price of a product and the quantity of the product demanded.

Money, tools, factories, infrastructure, and technology

The ability to produce a good at a lower opportunity cost than another producer.

Your expectations for the future can affect your buying habits today.