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Economics
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the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
the study of unlimited wants and limited resources
the study of unlimited wants and limited resources
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Ceteris Paribus
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a Latin phrase that means "all other things held constant"
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Land
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a factor of production that occurs naturally
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Labor
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a factor of production provided by households (humans)
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Capital
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a factor of production that includes machines, robots, etc...
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Entrepreneurship
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the willingness of someone to take a risk associated with creating a business
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Full Employment
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The point where all resources are being used
When there is no cyclical or structural unemployment
When there is no cyclical or structural unemployment
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Capital Goods
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goods such as machinery, buildings, etc...
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Economic Growth
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determined by how much an economy increases its GDP in one year in comparison to the previous year
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Market Economy
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an economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services
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Command Economy
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a central government sets output targets, incomes, and prices
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Direct Relationship
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a positive relationship between two things; when one goes up, the other also goes up and vice versa
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Inverse Relationship
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a negative relationship between two things; when one goes up, the other goes down and vice versa
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Tariff
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a tax on goods produced abroad and sold domestically
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Quota
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a limit on a certain imported product set by the government to protect the welfare of domestic producers
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Absolute Advantage
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the comparison between producers of a good according to their productivity
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Specialization
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when one country specializes in the production of one product and trades with another country, this is beneficial for both countries
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Comparative Advantage
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the comparison among producers of a good according to their opportunity cost
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Scarcity
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the limited nature of societies resources
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Efficiency
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the property of society getting the most it can from its scarce resources
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Equity
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the property of distributing economic prosperity fairly among the members of society
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Opportunity Cost
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whatever must be given up to obtain some item
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Marginal Changes
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small incremental adjustments to a plan of action
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Market Failure
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a situation in which a market left on its own fails to allocate resources efficiently
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Externality
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the impact of one person's actions on the well being of another
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Market Power
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the ability of a single economic actor to have a substantial influence on market prices
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Productivity
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the amount of goods and services produced from each hour of a worker's time
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inflation
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an increase in the overall level of prices in an economy
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Phillips Curve
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a curve that shows the short run trade-off between inflation and unemployment
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