Economics
Flashcards
Flashcards
Set of flashcards Details
| Flashcards | 103 |
|---|---|
| Language | English |
| Category | General Education |
| Level | Secondary School |
| Created / Updated | 28.08.2015 / 23.11.2016 |
| Weblink |
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A demand is elastic if quantity demanded changes significantly as price changes.
Demand is inelastic if quantity demanded changes little as price changes.
Demand is unit elastic when the percentage change in price and quantity demanded are the same.
A company's income from selling it's products.
A method of measuring elasticity by comparing total revenues.
The desire and ability to produce and sell a product.
It states that when prices decrease, quantity supplied decreases, and when prices increase, quantity supplied increases.
It lists how much of a good or service an individual producer is willing and able to offer for sale at each price.
It lists how much of a good or service all producers in a market are willing and able to offer for sale at each price.
It shows the data from a supply schedule in graph form.
It shows the data from a market supply schedule in graph form.
The change in total output brought about by adding more worker.
It's having a worker focus on a particular aspect of product.
They occur when hiring new workers causes marginal product to increase.
They occur when hiring new workers causes marginal product to decrease.
They're desires that can be satisfied by consuming a good or a service.
They're things that are necessary for survival.
It exits when there are not enough resources to satisfy human wants.
It's the study of how individuals and societies satisfy their unlimited wants with limited resources.
Physical objects that can be purchased such as food, clothing, and furniture.
Work that one person performs for another pay
A person who buys goods or services for personal use.
Person who makes goods or provides services.
Economic resources needed to produce goods and services.
Natural resources found on or under the ground that are used to produce goods and services.
All the human time, effort, and the talent that go into making the products.
All the resources made and used by people to produce and distribute goods and services.
Combination of vision,skill, ingenuity, and willingness to take risks that is needed to create and run a new business.
They are methods used to encourage people to take certain actions.
The benefit or satisfaction received from using a good or service.
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