Chapter 1 Review Flashcards
services
intangible goods produced by labor for which people expect to pay
an intangible item for which people will pay
service
What economic riddle did Carl Menger solve?
Diamond-Water Paradox
the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy
microeconomics
a very large number of people to whom very large quantities of products are sold
mass market
common course and conditiona
economic system that Governor Bradford found contrary to God’s wisdom
the amount of a good that is bought at a certain price under certain conditions
demand
economy
any system for the production, distribution, and consumption of goods and services
economic forecast
term used for an economist’s prediction of what will happen to an economy
persons who work to provide goods
producers
intangible goods produced by labor for which people expect to pay
services
an item produced directly to satisfy people’s wants
consumer good
anything used in the production of a good
capitall good
term used for an economist’s prediction of what will happen to an economy
economic forecast
microeconomics
the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy
economics
the study of the choices that individuals and societies make in the production, distribution, and consumption of goods
name given to scholars of the production, distribution, and consumption of goods
economist
something difficult to live without
need
people who use goods
consumers
any system for the production, distribution, and consumption of goods and services
economy
good
a tangible item that people want and for which they will pay
a mechanism that allows people to exchange goods
market
the human desire to have and use a certain good
want
a tangible item for which people will pay
good
What word is defined as the study of the choices individuals and societies make in production, distribution, and consumption of goods
economics
the study of national and international economies and how these major economies are affected by large-scale choices and public policies
macroeconomics
Who was the founder of the Austrian school of economics?
Carl Menger
macroeconomics
the study of national and international economies and how these major economies are affected by large-scale choices and public policies
a tangible item that people want and for which they will pay
good
economic model
a theory which seeks ot show the relationships among the various components of an economy
the study of the choices that individuals and societies make in the production, distribution, and consumption of goods
economics
a theory which seeks ot show the relationships among the various components of an economy
economic model
What is the first thing to understand about economics?
All goods have to be worked for
What is the quantity of a good for sale at a certain price under certain conditions?
supply
the quantity of a good for sale at a certain price under certain conditions; or simply the amount of a good that is produced
supply
What is the mechanism that allows people to exchange goods?
market
economic system that Governor Bradford found contrary to God’s wisdom
common course and conditiona
