a tangible item that people want and for which they will pay

a mechanism that allows people to exchange goods

the amount of a good that is bought at a certain price under certain conditions

persons who work to provide goods

people who use goods

anything used in the production and distribution of goods and services

things produced for direct use by consumers

the worth that consumers attach to it

value of a good changes according to its:

discovered the solution to the Diamond-Water Paradox

the aim of this economic system was to build up the state's treasury

the difference in value of the goods that a country sells abroad compared to those it purchases from other countries

taxes that governments apply only to imported goods

wrote Physiocracy

favored a "natural" economy

laisse-faire means:

wrote The Wealth of Nations

Adam Smith believed that individual producers and consumers are brought together by a(n):

economic success; the condition of enjoying many goods, including services

the value of all the things that people own

intangible goods produced by labor for which people expect to pay

which of these is NOT one of the four factors of production

considered the fifth factor of production

a system in which decisions involving the production, distribution, and consumption of goods are based upon custom, heredity, and caste

a system in which a centralized authority determines the production and distribution of goods and services as well as things like savings, investments, and prices

a system in which people are free to make their own economic choices

an economic system that provides barely enough to keep a society alive

anyone who owns producer goods or owns a share of some business that produces goods

made gunpowder

which one of these is NOT one of the four components of capitalism

the relationship between a good's price and the amount that people are willing to buy

the relationship between a good's price and the amount that producers are willing to provide for consumers

value that is directly related to the benefits their owners receive through their use

what a particular good is worth in exchange for some other good

the amount of money that a buyer pays the seller for a particular item

states that as one's supply of a specific good or service increases, the satisfaction derived from each additional unit tends to decrease

the amount of satisfaction that results from a one unit increase of a product

the total amount of satisfaction received from possessing a particular amount of a good

as the price of a good increases, the quantity demanded decreases

as the price of a good increases, the quantity supplied also increases

when the price of a good falls, consumers tend to buy more of that good or of other items because they can do so without giving up anything

people tend to substitute less expensive goods for ones whose prices have risen

list of numbers that compares price with quantity demanded

a graphic representation of the quantity of goods purchased at different prices

a good whose demand is directly related to consumers' incomes

demand for these items decreases as consumers' incomes increase, and vice versa

a good capable of being used in place of another

represented by any specific point along a demand curve; it is influenced by price

a list of numbers that compares price with quantity supplied

a graphic representation of the quantity of goods supplied at different prices

any single point along the supply curve

the supply curve slopes __ and to the __

the demand curve slopes __ and to the __

money governments give to a business to try to encourage production

the point at which quantity demanded and quantity supplied are equal

the situation in which the quantity demanded exceeds the quantity supplied at a given price

quantity supplied is greater than the quantity demanded at a given price

if people will buy less of an item when prices go up, we say that the demand is ___

if consumers will pay very high prices for a particular commodity because they feel there are no substitutes, we say tht the demand is ___

when governments place a limit on how high a producer may charge for his product

price levels set above the equilibrium prices

signs that are used by consumers and producers to determine how much of a good to buy or sell at a given price and time

goods that have a life expectancy of less than three years

the excess of the total revenue paid by buyers for goods over the seller's total expense of producing those goods

the value of the best alternative that is foregone when a different alternative is taken

the total value of a business minus any liabilities

groups of firms that produce similar products or provide similar services

when firms get together to agree to certain things to place unnecessary expenses on consumers

a collusion of businesses which join together to restrict or eliminate competition

the first and most important antitrust laws

outlawed tying contracts and price discrimination

force the consumer to buy a certain product before he can buy the product he really wants

practice that sells the same type of goods at different prices to different buyers

the quality of producing effectively with a minimum of waste

the total amount invested in the production of a good

the total amount of a good that is produced

the sum cost of all the factors of production used in making goods

the sum cost of all the factors of production used in producing one unit of a good

the "American system" of mass production is based on

when specialization is carried beyond the point of maximum efficiency

the ability of one entity to produce goods or provide services more efficiently than his competitors when given the same resources

the ability of an entity to produce a good or provide a service at an opportunity cost that is lower than that of another producer

the production of goods in which a country or region has absolute or comparative advantage

the theory that domestic manufacturers need government protection against foreign competitors

when there are no restrictions or penalties placed pon the exchange of goods

"buzz words" include:

bought, consumer, purchased, want, customer, individual

"buzz words" include

business, producer, made, available

"buzz words" include

lots of sellers, same product,

open market, price taker

"buzz words" include

one supplier, blocked entry,

no substitute

"buzz words" include

lots of companies, similar items,

open entry

"buzz words" include

few firms, closed market