| A | B |
|---|
| capital resources | equipment, money, buildings |
| capitalist or market economy | people own resources and run the business |
| command economy | government owns resources and runs business |
| consumer | one who buys or uses products |
| consumer economics | study the roles consumers play |
| consumer sovereignty | buyers (users) are in charge |
| demand | quantity consumers are willing to buy |
| depreciation | loss in value of a product |
| economic system | the way a nation produces |
| economics | study of how economic systems work |
| equilibrium price | price at quantity supplied and quantity demanded are the same |
| goals | where you want to go |
| human resources | labor, people |
| impulse purchase | "bought on a whim" |
| law of demand | consumers are willing to buy more at a lower price |
| law of supply | producers are willing to make more at a higher price |
| mixed economy | market economy with government and traditional within |
| natural resources | things of the earth--water, oil, trees |
| needs | things you can't live without |
| opportunity cost | value of next best alternative |
| production | creation of goods and services |
| profit | income - costs |
| puffery | exaggeration |
| rational buying decision | choice made in logical organized manner |
| resources | raw materials, labor, knowledge, equipment |
| scarcity | not enough available |
| supply | quantity producers are willing to make available |
| surplus | too much available |
| traditional economy | how to make products are passed by generation |
| values | principles for social, life, work--what you believe |
| wants | things you would like to have |
