chapter 1 Flashcards
the study of the choices that individuals and societies make in the production, distribution, and consumption of goods
economics
any system for the production, distribution, and consumption of goods and services
economy
seek to show the relationship among the various components of an economy
economic model
seeks to help those making decisions to make wise choices
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
the quantity of a good for sale at a certain price under certain conditons or simply 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
whats one thing to understand about economics
al goods have to be worked for
persons who work to provide goods
producers
people who use goods
consumers
the worth that consumers attach to it
value
economic system that Governor Bradford found contrary to God’s wisdom
common course and condition
