Allocative efficiency
Give this one a try later!
the particular mix of goods a society produces represents the combination
that society most desires
Law of diminishing returns
Give this one a try later!
as additional increments of resources are added to a certain purpose, the
marginal benefit from those additional increments will decline
,Law of diminishing marginal utility
Give this one a try later!
as a person receives more of a good, the additional (or marginal) utility
from each additional unit of the good declines
Division of labor
Give this one a try later!
the way a good or service is produced is divided into a number of tasks
that are performed by different workers, instead of all the tasks being done
by the same person
Marginal analysis
Give this one a try later!
comparing the benefits and costs of choosing a little more or a little less
Equilibrium price
Give this one a try later!
, price where plans of consumers and of producers agree; where amount of
product consumers want is equal to amount consumers want to sell
Globalization
Give this one a try later!
the expanding cultural, political, and economic connections between ppl
around the world
Quantity supplied
Give this one a try later!
total number to units of a good/service producers are willing to sell at a
given price
Circular flow diagram
Give this one a try later!
economic model that pictures the economy as consisting of two groups -
households and firms - that interact in the goods and services market and
the labor market
Producer surplus
Give this one a try later!
the particular mix of goods a society produces represents the combination
that society most desires
Law of diminishing returns
Give this one a try later!
as additional increments of resources are added to a certain purpose, the
marginal benefit from those additional increments will decline
,Law of diminishing marginal utility
Give this one a try later!
as a person receives more of a good, the additional (or marginal) utility
from each additional unit of the good declines
Division of labor
Give this one a try later!
the way a good or service is produced is divided into a number of tasks
that are performed by different workers, instead of all the tasks being done
by the same person
Marginal analysis
Give this one a try later!
comparing the benefits and costs of choosing a little more or a little less
Equilibrium price
Give this one a try later!
, price where plans of consumers and of producers agree; where amount of
product consumers want is equal to amount consumers want to sell
Globalization
Give this one a try later!
the expanding cultural, political, and economic connections between ppl
around the world
Quantity supplied
Give this one a try later!
total number to units of a good/service producers are willing to sell at a
given price
Circular flow diagram
Give this one a try later!
economic model that pictures the economy as consisting of two groups -
households and firms - that interact in the goods and services market and
the labor market
Producer surplus
