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-factors of production- (natural-land, human-labor, capital-tools) resources & entrepreneurship
allocate-distribute
scarcity-> 3 basic econ Q's: what, how, for whom to produce
productivity = input to output (efficiency = smol amt of input for large amt of output)
trade-off - at least two choices that must have one sacrificed for the other
opportunity cost - second choice
-forms of exchange - barter, money, credit
self-sufficiency - fulfilling all their needs without outside assistance
-types of economy - traditional, command, market, mixed (authoritarian socialism/communism, capitalism, democratic socialism)
free-enterprise system - private prop., ind. choices, econ competition, lim. govt. involvement
product
-ECON GOALS (equity, efficiency, security, stability, freedom, growth)
demand - must be willing to buy, able to buy, and examined for time period
LAW OF DEMAND is inverse relationship btwn price and quantity demanded
purchasing power - amt of money to spend on
income effect - incr./decr. in consumer's purchasing power
-determinants of demand - consumer tastes, market size, income, related goods' prices, consumer expectations
-elasticity of demand - degree of which changes in good's price affect quantity demanded
elastic demand - not necessity, substitutes, costly (tech.)
inelastic demand - necessity, not many substitutes, not too costly (salt)
Total Revenue - total income received from selling products
LAW OF SUPPLY - parallel relationship btwn prices and products
profit when revenues>costs of production (wages/ salaries, rent, bills, resources, other products)
elastic supply - quickly, inexpensively, few/ abundant resources (candy)
inelastic supply - time consuming, costly, scarce resources (diamonds)
-determinants of supply - resource prices, govt tools, tech, competition, prices of related goods, producer expectations
subsidies - govt pays businesses
total product/output -
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