Definitions Flashcards
Economics
The study of a nation and how it manages scarcity
Opportunity cost
Best alternate opportunity foregone when a choice is made
Income
Money being received at a constant rate
Gross domestic product
The total value of goods produced and services provided
Cash injection
Quick supply of money usually to improve financial position
Scarcity
A situation where there is a lack of resources
Standard of living
The degree of wealth and material comfort available to a person or community
Macroeconomics
A branch of economics concerned with large sale economics
Microeconomics
Singular factors effects of individual decisions
PPF table
Production Possibility Frontier. Measures the varying amounts of two products that can be produced when both depend of the same finite resource
Variable
A quantity that may change in value or context
Ceteris Paribus
All things equal
Supply
Total amount of a good or service
Demand
The consumers desire to purchase goods and services
Equilibrium
When the supply equals the demand for a product
Price elasticity
The change of consumption of a product in relation to the change of price
Monopoly
A market place that has one singular seller
Monopolistic competition
Imperfect competition many firms offer products
Oligopoly
A market that is dominated by a small group of large sellers
