Economics ch 1

  1. the study of the choices that individuals and societies make in the production, distribution, and consumption of goods
    economics
  2. any system for the production, distribution, and consumption of goods and services
    economy
  3. scholars of the production, distribution, and consumption of goods within an economy
    Economists
  4. the study of national and international economies and how these major economies are affected by large-scale choices and public policies
    macroeconomics
  5. the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy
    microeconomics
  6. seeks to show the relationships among the various components of an economy and attempts to explain the effect that a change in one part of an economy
    economic models
  7. a tangible item that people want and for which they will pay
    good
  8. intangible goods produced by labor for which people expect to pay
    services
  9. the human desire to have and use a certain good
    want
  10. a mechanism that allows people to exchange goods
    market
  11. a very large number of people to whom very large quantities of products are sold
    mass market
  12. the quantity of a good for sale at a certain price under certain conditions
    or
    the amount of a good that is produced
    supply
  13. the amount of a good that is bought at a certain price under certain conditions
    demand
  14. persons who work to provide goods
    producers
  15. people who use goods
    consumers
  16. who wrote Principles of Economics
    Carl Menger
  17. Founder of the Austrian School of Economics
    Carl Menger
  18. what means usefulness
    utility
  19. what means limited availability
    scarcity
Author
Rayna
ID
344185
Card Set
Economics ch 1
Description
A Beka 12th grade economics
Updated