2nd Sem Econ Final SG (21-22)

Amount of a good or service a consumer is willing to purchase from consumers

Need or Want?

Need or Want?

Good or Service?

the effort that a person devotes to a task for which that person is paid

the inverse or negative relationship between the price of a good or service & the quantity demanded of good or service.

Good or Service?

the knowledge and skills a worker gains through education and experience

one business/company controls the entire production of a good or service

Economic questions are answered by individual buyers and sellers.

This describes the price and quantity that provides the best options for deals and profit for consumers and producers

Economic questions are answered by habits and customs

Amount of a good or service a producer is willing to produce for consumers

rules that the government placed to prevent business from working together to have too much control

A tax placed on goods or services entering a country

something we desire that is not essential to survival

Need or Want?

The government answers the basic economic questions

producer has an excess of goods or services that is not in demand

consist of the creative, managerial, & risk-taking capabilities that are involved in starting up and running a business

producers will not or cannot offer goods or services

Need or Want?

the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices

government payment that supports a business or market

study of how people seek to satisfy their needs and wants by making choices.

Good or Service?

buildings, machinery, tools, all structures and equipment used in the manufacturing process

something that is necessary for survival

Tangible objects that satisfy economic wants

implies limited quantities of resources to meet unlimited wants

Need or Want?

all natural resources used to produce goods and services

Economic questions are answered by both individual sellers/buyers and the government

Good or Service?

Good or Service?

Good or Service?

a certain good or service is not allowed to drop below a certain price

the direct, or positive, relationship between price of a good & service and the quantity supplied of good or service

Depicts how much of a particular product can be produced given the limited amount of resources

The changes that take in markets that will likely cause a shift of the demand and supply curves

price of a certain good or service is not allowed to rise above a certain level

getting a little less of something to get a little more of another thing

Activities performed by people, firms or government agencies to satisfy economic wants

Need or Want?