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Related Flashcards
Cards In This Set
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The study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals
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Economics
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The part of economic study that looks at the operation of a nation's economy as a whole
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Macroeconomics
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The part of economic study that looks at the behavior of people and organizations in particular markets
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Microeconomics
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The study of how to increase resources and the creation of the conditions that will make better use of those resources (eg. recycling)
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Resource Development
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A phrase coined by Adam Smith to describe the process that turns self-directed gain into social and economic benefits for all
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Invisible Hand
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An economic system in which all or most of the factors of production and distribution are privately owned and operated for profit
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Capitalism
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The quantity of products that manufacturers or owners are willing to sell at different prices at a specific time
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Supply
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The quantity of products that people are willing to buy at different prices at a specific time
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Demand
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The price determined by supply and demand
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Market Price
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The market situation in which there are many sellers in a market and no seller is large enough to dictate the price of a product
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Perfect Competition
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The market situation in which a large number of sellers product products that are very similar but that are perceived by buyers as different
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Monopolistic Competition
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A form of competition in which just a few sellers dominate the market
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Oligopoly
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A market in which there is only one seller for a product or service
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Monopoly
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An economic systm based on the premise that some, if not most, basic businesses should be owned by the government so that profits can be evely distributed among the people
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Socialism
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An economic and political system in which the state (the government) makes all economic decisions and owns almost all of the major factors of production
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Communism
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