Economics unit 1 vocab

is the price where supply and demand meet

is a payment by the government to a bussiness to increase the production of a particular good

experience an increase in demand when consumer income increases

is the quanity where supply and demand meet

is the resource made and used by people to produce and distribute goods & services (tools, machinery, etc.)

business organization has 1 owner who has liability/opportunity to use specialization/division of labor to +productivity

shows movement of money,goods,service,resources in a loop through the product market and resource market in an economy

land, labor, capital, and entrepreneurship are collectively known as the

is the time and effort used to produce goods and services

are commonly purchased together and demand for one will decrease when the price of the other increase

the "place" where individuals purchase goods and services from firms

experience a decrease in demand when consumer income increases

organization that is owned by 2+ people with shared liability/opportunity use specialization/division +productivity

states that there is an inverse relationship between the price of a good and the quanity demanded

is the specific quanity of a good or service that consumers are willing and able to purchase at a specific price

is a business organization that is owned by stockholders who have limited liability for the decisions made

is an economic system in which producers and consumers answer the three economic question,of what, how, whom to produce

is the value of the next best thing that was given up in an economic choice

occurs when people, businesses or governments freely exchange one thing for another

is the "place" where individuals sell the factors of production to firms

is the productive resource that includes land, trees, mineral deposits, water, etc.

are products that consumers are willing to purchase instead of the original products whose prices have increased

is the training, knowledge, and skills of an individual used to produce goods and services

is an economic system in which the government owns all productive resources and answers the 3 basic economic questions

states that there is a direct relationship between the price of a good and quanity supplied

is the specific amount if a good or service that producers provide at a specific price

is the fundamental condition of economics that results from the combination of limited and unlimited wants and needs

is the combination of visual, skill, ingenuity and the willingness to take risks to create a new product or business