Fundamentals of Economics
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vocabulary and concepts from introduction to economics
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- A basic condition that exists when unlimited wants exceed limited productive resources.
- land, labor, capital, entrepreneur
- When we weigh the benefits and costs of each decision
- The maximum amount someone is willing to pay to consume an additional unit of a good or a service.
- The cost of producing one more unit of a good
- Next best alternative given up.
- amount of output per unit of input
- The focus of a worker or business on only one or a few aspects of production in order to improve efficiency
- Act of buyers and sellers freely engaging in market transactions
- goods and services that benefit everyone in a society.
- Government uses laws to control what a business can do.
- Government stops regulating a particular industry.
- economic system in which people make economic decisions based on customs and beliefs handed down from previous generations.
- economic system practiced by socialist countries
- economic system in which the government doesn't interfere with the markets.
- Economic system based on a combination of market forces and government intervention.
