Ch. 1 Everybody’s Economics Flashcards
The study of the choices that individuals and society make in the production distribution and consumption of goods
Economics
Any system for the production distribution and consumption of goods and services
Economy
Scholars of the production distribution and consumption of goods within an economy
Economists
The study of national and international economies and how these major economies are affected by large scale choices and public policies
Macroeconomics
the study of specific components within a major economy and how the choices made by individuals households and businesses effect that economy
Microeconomics
Show the relationship among the various components of an economy
Economic model
predicts future economics to help people make informed decisions about money
Economic forecast
A tangible item that people want and for which they will pay
Good
intangible goods produced by labor for which people expect to pay
Services
The human desire to have and use a certain good
Want
A mechanism that allows people to exchange goods
Market
A very large number of people to whom very large quantities of products are sold
Mass market
The quantity of a good for sale at a certain price under certain conditions or the amount of a good that is produced
Supply
The amount of a good that is bought at a certain price under certain conditions
Demand
Persons who work to provide goods
Producers
People who use goods
Consumers
Something it would be difficult to do without
Need
A desire a longing an appetite for something
Want
Anything used for the production and distribution of goods and services
Capital goods
Those things produced for direct used by consumers
Consumer goods
The industrial skills and scientific methods that make possible efficient production
Technology
Spending more than one can afford
Prodigality
The worth the consumers attach to something
Value
