1.
Biological/physiologicalrequirement for maintaining life and/or quality life. Water is a need.
2.
Desire to make life a bit more enjoyable or acceptable. Video games are a want.
3.
branch of knowledge concerned with the production, consumption, and transfer of wealth
4.
Generally meaning a physical/tangible product used to satisfy a want or need.
5.
Generally meaning an act that satisfies a want or need without the production of a physical product. Tech Support would be a service.
6.
condition that explains that society has unlimited wants but limited resources to fill those wants. (There is never enough resources to produce everything that everyone would like to be produced)
7.
Situation where the quantity available or supplied in a market falls short of the quantity demanded or required
8.
four basic factors to produce goods and services in an economy- labor, capital, land, and entrepreneurship
9.
Situation involving losing one quality or aspect in order to gain another quality or aspect.
10.
The highest valued alternative foregone in the pursuit of an activity or product.
11.
Example of a simple production possibilities frontier. Demonstrates the relationship between a nations investment in defense and civilian goods. The nation could invest in defense (guns), production of goods (butter) or a combination of the two.
12.
Obtaining the most possible satisfaction from a given amount of resources.
13.
Not using a good or resource to the maximum amount of efficiency.
14.
Change in the Production Possibility graph that shows the more of one good is produced, the more it would cost to produce (or lack a return) from the good given up.
15.
Free market economy, the market itself establishes the answer to the three questions of allocation (what to produce, how to produce, for who?).
16.
economy n which the government uses its power to answer the three questions of allocation (what to produce, how to produce, for who?).
17.
An economy that relies both on markets and governments to allocate resources.
18.
Organized exchange of commodities (goods/services/resources) between buyers and sellers within a certain place and time.
19.
Money made by a business or individual after costs have been taken out.
20.
Allocating resources available in a way that benefits you the greatest
21.
Cost or benefit that motivates a decision by the consumers, business, or other participants in the economy
22.
actions of two or more rivals in pursuit of the same objective.
23.
notion that buyers and sellers, consumers and producers, pursuing their own self-interests, do what is best for the economy. (Developed by Adam Smith in Wealth of Nations)
24.
Theory in an economy that acts as the transition between capitalism and communism. The government owns all means of production, workers control the government, income is equal and based on need rather than resource control or ownership. For Dummies.
25.
theory based on a classless society where people work for the common good in which there is common (as opposed to individual) ownership, with no formal government and income is equal and based on need rather than resource control or ownership. For Dirty H
