Micro-Economics

food & water, clothing & shelter

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

Rational decision-making means choosing

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

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

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

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

How much quantity demanded or supplied changes relative changes in price

Who are you in a capitalist country?

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

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

When producers and consumers agree on price and quantity

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

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

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 the ancestors have already made the decisions

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

Work done by human beings