-
the study of the choices that individuals and societies make in the production, distribution, and consumption of goods
economics
-
any system for the production, distribution, and consumption of goods and services
economy
-
scholars of the production, distribution, and consumption of goods within an economy
Economists
-
the study of national and international economies and how these major economies are affected by large-scale choices and public policies
macroeconomics
-
the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy
microeconomics
-
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
-
a tangible item that people want and for which they will pay
good
-
intangible goods produced by labor for which people expect to pay
services
-
the human desire to have and use a certain good
want
-
a mechanism that allows people to exchange goods
market
-
a very large number of people to whom very large quantities of products are sold
mass market
-
the quantity of a good for sale at a certain price under certain conditions
or
the amount of a good that is produced
supply
-
the amount of a good that is bought at a certain price under certain conditions
demand
-
persons who work to provide goods
producers
-
people who use goods
consumers
-
who wrote Principles of Economics
Carl Menger
-
Founder of the Austrian School of Economics
Carl Menger
-
what means usefulness
utility
-
what means limited availability
scarcity
|
|
