Economics Unit 1
Terms
undefined, object
copy deck
- 1: Money
- Item that is commonly accepted in exchange for goods, services or payment of debt.
- 1: Overhead
- Sum of a businesses fixed costs except for wages and materials.
- 1: Luxury
- Not necessary for survival, something enjoyable but not necessary
- 1: Want
- Require, need, feel a desire for
- 1: Necessity
- That which is needed for survival
- 1: Good
- Object or material that can be purchased to satisfy human wants or needs.
- 1: Microeconomics
- Study of a single factor of the economy rather than the economy is a whole
- 1: Specialization:
- Focus of a worker on only one aspect of production to improve efficency.
- 1: Inelastic
- Inability to respond quickly or greatly to change in supply or demand due to price.
- 1: Revenue:
- Income from real or personal property
- 1: Labor
- Work that people do for wages
- 1: Capital
- Noun: Wealth used in trade: net worth of business. "You need more capital in order to grow larger in any economic area"
- 1: Land
- In economics, it includes land, timber, oceans and harbors.
- 1: Monopoly
- Market in which a single seller exercises exclusive control over a good or service
- 1: Supply
- Amount of good or service that producers are willing to sell at various prices.
- 1: Cost
- Noun: The price paid or to be paid for a good or service. "The cost of a new car must include tax and licensing"
- 1: Scarcity
- Fundamental condition of economics of limited resources
- 1. Complementary
- Adjective: Commonly used or associated with another product. "We often think of butter as a complementary product when we think of bread"
- 1: Profit
- Difference between revenues recieved and the cost of a good or service to produce.
- 1: Barter
- Noun: Direct exchange of goods and services but no money involved. "Barter is used when money does not exist"
- 1: Technology
- Scientific and technical techniques used to produce products more effectivly.
- 1: Fluctuate
- Change continually, rise and fall constantly
- 1: Self-Sufficent
- Ability to fufill one's need without assistance
- 1: Elastic
- Adjective: Respond greatly to change in supply or price. "Pizza has a very elastic demand when prices rise dramatically"
- 1: Substitute:
- Can be purchased or used in place of another good or service
- 1: Entreprenuer
- Noun: someone who undertakes a new enterprise and risks failure to achieve sucess.
- 1: Interdependent
- Relationship of mutual reliance and influence among people or businesses.
- 1: Consumer
- Noun: one who buys goods or services for personal use. "All of us are consumers and have been since we were born"
- 1: Resource
- Anything used to produce goods or services
- 1: Depreciation:
- Noun: Decrease in value of a capital good because of use or deterioration. "Most of us understand deprecation when we buy cars"
- 1: Oligopoly
- Market in which a few large sellers control most of a good or service