Econ crossword – Flashcards
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marginal costs
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review of _____ _____ a business can determine the profitability of increasing production by a few units
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barriers to entry
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start up costs, level of technical knowledge needed, and amount control of others seller in a market
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Quantity Supplied
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the amount of good or service that a producer is willing and able to sell at a specific price
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variable
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raw materials are an example of this type of cost
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Monopoloy
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market structure in which one seller controls all production of a good or service
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preferences
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a change in tastes and this, the price of substitutes or compliments, and market size are all reasons for a change in demand
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Free enterprise
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this is the systen under which business can be conducted freely with little government intervention
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Market equilibrium
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when quantity supplied and demanded are are equal at the same price
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increase
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if the nonprice determinants of supply cause an ____ in the supply of a product the supply curve for that products shifts to the right
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substitution
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the tendency of consumers to substitute a similar, less expensive product for a relatively more expensive product is called this effect
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non price
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this type of competition involves pointing out differences (real or imagined) between a seller's product and that of their competitors
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Law of demand
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according to this, consumers will purchase more of a good at lower prices, and less of a good at higher price
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surplus
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when the quantity supplied is greater than the quantity demanded at a particular price
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Determinants
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changes of the ___ of the demand can produce an entirely new demand curve for a market
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Demand
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the amount of a good or service that a consumer is willing and able to buy at various possible prices during a given period of time
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Scarcity
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the condition that results from the combination of limited resources and unlimited wants
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profit
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the amount of money remaining after producers have paid all of their costs
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Mixed
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all economies today are actually thing a combo of market, command, and traditional
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Oligopoly
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market structure with a few large sellers control most of the production of a good or service
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credit
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this form of exchange allows a consumer to use an item before completing payment for it
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supply
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quantity of goods and services that producers will offer at various possible prices during a given time period
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entrepreneur
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person who attempts to start a new business or introduce a new product
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right
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an increase in available resources will shift the production possibilities curve this direction
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Market Capitalism
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type of economy is closest to the pure market model
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consumer good
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an example of this is a personal car as opposed to a factory or machine
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higher
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an imperfectly competitive market there is less choice for buyers, which means that prices will be
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shortages
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price ceilings tend to lead to
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Monopolistic Competition
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market structure in which many sellers offer slightly different, rather than identical products
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Opportunity cost
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the value of the next best alternative that is given up to obtain the preferred item
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Corporation
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this a business owned by individual stockholders
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shortage
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occurs when quantity demanded exceeds the supplied at a given price
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impossible
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a point outside the productions possibilities curve considered __ to produce
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Perfect Competition
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this is an ideal market structure in which buyers and sellers each compete directly and fully under the laws of supply and demand
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Sole proprietorship
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this type of business organization would give you complete control and exclusive rights to all profits
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consumer
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a person who purchases good and services
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limited
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every decision involved trade-offs bc everyone's resources are this
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elasticity
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the degree to which changes in price affect the quantity supplied or demanded
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partnership
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this is a business with two or more owners
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combinations
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a production possibilities curve illustrate all the possible __ of 2 goods that can be produced
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money
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an item that is readily accepted by people in return for goods and services
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Law of Supply
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according to this, producers will supply fewer goods at lower prices and more goods at higher prices
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Trade off
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to give up one or more things in order to achieve another
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producer
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a person who supplies goods and services
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determinants of supply
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the price of resources, technology, and competition are all ____ ____
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economics
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the study of choices people make to satisfy their needs and wants is call this
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capital
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ex of this type of resource is a factory
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prices
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this is the main form of communication between producers and consumers in a free enterprise market
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differentiate
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sellers use non-price competition to __ their products under monopolistic competition
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economics
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is the studty of individual markets
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equal
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in order to eliminate surpluses and shortages, store owners are most likely to set pricws at the point where supply and demand are this
