Economics BJU

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

using more equipment than human labor

candy bars are

items usually purchased together

usefulness

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

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

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

economic study concerned large-scale choices and issues

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

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

Factor cost for use of an owner's property

Withdrawing money from an account or borrowing

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

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

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

using more human labor than real capital

ascribed to a good or service because of its nature

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

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

a business firm owned by more than one person equally

shares of ownership in a corporation

business ceases to exist when the business owner dies

person to whom money is owed

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

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

government has only minimal ownership of resources and decision making power

steak and chicken are

Factor cost of borrowing money from a bank or other creditor

a situation where income is less than expenses

Allocation of limited resources to produce either consumer or capital goods

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

government is both central owner and economic decision maker

a mandate that prices for certain items may not rise

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

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

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

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

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

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

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

investors only lose their investment if a business fails

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

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

a business firm owned by one person

The factor of production which is all human effort

the survival of the fittest applied to economic wealth

economic study concerned with choices made by individual units

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

A good or service is finite or limited in quantity

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

having unlimited wants and never being satisfied

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

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

flashlights and batteries are

powdered milk is

a tangible thing with a measurable life span

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

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

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

agreement to pay a debt owed by another

government takes possession of industries which are cornerstones of the economy

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

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

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

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

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

The factor of production which includes all natural resources

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

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

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

items used to produce other goods

an intangible function produced by useful labor

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