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Economics I Flashcards

Terms 231-254

AB
scarcityNot enough for everyone to have due to lack of resources.
priceValue assigned according to supply and demand.
Law of SupplyIdea that suppliers will supply more of a product as the price increases
Law of DemandIdea that buyers will want more of a product as the price decreases.
market pricepoint where the supply curve and demand curve meet, creating the value of a product.
shortageWhen demand is temporarily greater than supply - price usually increases.
surplusWhen supply is greater than demand - price usually decreases.
diminishing utilityIdea that a person's demand for a product will reach a maximum no matter the price.
diminishing returnidea that a supplier will reach a point when increased production will not increase profits.
productivityAmount of work produced in a given time.
comparative advantageWhen one nation produces a product better or cheaper.
division of laborSplitting jobs into individual tasks in order to increase productivity.
economies of scaleidea that a larger business can operate more efficiently because of its bulk.
opportunity costWhat you lose when you make a choice of one thing over the other.
trade offThe choice you make of one thing over the other.
factors of productionLand, labor, resources and management.
capitalMoney used to start or run a business.
capital goodsMachines or tools used to produce other goods.
traditional economyEconomy where almost everything is made by hand.
command economySystem where government is in control of all factors of production.
market economyEconomic situation where individuals make most of the choices. (capitalism)
mixed economyEconomic situation where individuals and government share the power over economic decisions with individuals owning smaller businesses and government owning the largest.
laissez faire economicsEconomic system where the government takes a hands-off policy as proposed by Adam Smith.
capitalismAnother name for the market economy where individuals risk their capital for a chance to gain profit.


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