Wirtschaft (Superzehn)
Tools of destruction?
Terms
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- Inelastic Demand
- change in price results in no change in quantity demanded
- Price Elasticity of Demand
- (change in quantity demanded)/(change in price)
- Elastic Good
- Coefficient of Price Elasticity of Demand > 1
- Elastic Demand
- change in price results in great change in quantity demanded
- Entrepreneurial Resources
- decision-making ability involved in using resources to produce goods and services
- trib(E)
- expectations of buyers
- Laissez-faire
- no government interference in economy
- Elasticity
- relationship of the change in price to the change in quantity demanded
- tr(I)be
- income
- Law of Supply
- quantity supplied is directly related to the price
- (T)ribe
- trends
- Cross-Price Elasticity
- relationship between demand for one product and the price of another
- Price
- signal to a producer to produce more or to produce less
- Inelastic Good
- Coefficient of Price Elasticity of Demand < 1
- tri(B)e
- number of buyers
- Labor Resources
- human capital; workers' skills, knowledge, ability, etc.
- Factors of Production
- land, labor, capital, entrepreneurship
- Capital Resources
- real capital; capital goods; goods produced to later produce final goods/services; factories, machinery, tools, etc.
- Law of Demand
- quantity demanded is inversely related to the price
- t(R)ibe
- related goods
- Land Resources
- natural resources