Economics

The idea that consumers have the ultimate control over what is produced because they are fee to buy what they want and reject what they don't want.

A situation in which people concentrate their efforts in the activities that they do best.

A tool that economists use to understand how market economies operate.

The market where goods and services are bought and sold.

The market for the factors of production - land, labor, capital, and entrepreneurship.

An economy that has elements of traditional, command, and market systems.

It means to change from private ownership to government or public ownership.

It means to change from government or public ownership to private ownership.

It refers to all the economic interactions that cross international boundaries.

Another name for capitalism, an economic system based on private ownership of a business or enterprise.

The ability of everyone to take part in the market by free choice.

A situation in which everyone has the same economic rights under the law.

A situation in which people decide with legal agreements to enter into.

The force that encourages people and organizations to improve their material well being from economic activities.

The money left over after costs of producing a good or service have been subtracted from the revenue gained by selling that good or service.

A free enterprise economic system with some government involvement.

It occurs when people who are not part of a marketplace interaction benefit from it or pay part of its costs.

They are products provided by federal, state, and local governments and consumed by the public as a group.

A person who avoids paying for a good or service but who benefits from that good or service anyway.

It consists of all the goods and services that are necessary for the functioning of society.

A side effect of a product that affects someone other than the producer or the buyer.

An externality that imposes costs on people who we're not involved in the original economic activity.

An externality that creates benefits for people who we're not involved in the original economic activity.

A government payment that helps cover the cost of an economic activity that has the potential to benefit the public as a whole.

It consists of government programs designed to protect people from economic hardship.

Transfers of income from one person or group to another even though the received does not provide anything in return.

A transfer payment in which the government transfers income from taxpayers to recipients who do not provide anything in return.

The willingness to buy a good or service and the ability to pay for it.

States that when prices go down, quantity demanded increases. When prices go up, quantity demand decreases.

A listing of how of an item an individual is willing to purchase at each price

A listing of how much of an item all consumers are willing to purchase at each price.

It graphically shows the data from a demand schedule.

It graphically shows the data from a market demand schedule.

It states that the marginal benefit of using each additional unit of a product during a given period will decline.