https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia Made with big dreams en-us 2017-08-29 21:04:59 UTC 2023-07-17 18:12:57 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/File.png 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/183537436 Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. ]]> 2017-08-29 21:09:36 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/183537436 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/183539987 Economics is "a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services". Economics focuses on the behavior and interactions of economic agents and how economies work. - Late 1900's]]> 2017-08-29 21:19:34 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/183539987 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184062658 the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

]]> 2017-08-31 18:59:13 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184062658 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184608742 an economic system in which private business operates in competition and largely free of state control.]]> 2017-09-05 01:54:14 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184608742 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184609409 the smoothness or equality with which income is dealt out among members of a society.]]> 2017-09-05 01:57:10 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184609409 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184610060 a thing that motivates or encourages one to do something.]]> 2017-09-05 02:01:33 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184610060 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184610951 the total economic cost of production and is made up of variable costs, which vary according to the quantity of a good produced and include inputs such as labor and raw materials.]]> 2017-09-05 02:07:52 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184610951 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184611387 "an item that yields positive benefits to people" that is excludable]]> 2017-09-05 02:11:20 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184611387 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184611847 where money goes and what it is exchanged for in a market economy. ]]> 2017-09-05 02:14:59 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184611847 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612154 A market is one of the many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange.]]> 2017-09-05 02:17:51 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612154 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612363 a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.]]> 2017-09-05 02:19:36 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612363 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612560 The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels.]]> 2017-09-05 02:21:03 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612560 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612911 Substitute goods are goods which, as a result of changed conditions, may replace each other in use (or consumption).]]> 2017-09-05 02:23:37 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184612911 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613247 a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price. ]]> 2017-09-05 02:26:01 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613247 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613564 an economic term used to describe the situation in which the quantity demanded or supplied of a good or service is unaffected when the price of that good or service changes.]]> 2017-09-05 02:28:28 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613564 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613896 there is a direct relationship between price and quantity: quantities respond in the same direction as price changes.]]> 2017-09-05 02:30:47 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184613896 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614063 graphic representation of the relationship between product price and quantity of product that a seller is willing and able to supply.]]> 2017-09-05 02:31:57 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614063 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614440 Responsiveness of producers to changes in the price of their goods or services.]]> 2017-09-05 02:34:38 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614440 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614732 an economic theory that assumes a change in price will cause an equal proportional change in quantity demanded. ]]> 2017-09-05 02:37:03 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184614732 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184615028  a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).]]> 2017-09-05 02:39:06 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184615028 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184615275 is simultaneously equal to both the quantity demanded and quantity supplied. ]]> 2017-09-05 02:40:35 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184615275 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184625913 a balance achieved between two desirable but incompatible features; a compromise.]]> 2017-09-05 04:13:15 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184625913 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184625980 an economic system containing  both private and public enterprises ]]> 2017-09-05 04:13:57 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184625980 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626191 the total receipts of a firm from a sale of given quantities of a product or service.]]> 2017-09-05 04:15:51 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626191 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626358 The loss of potential gain from other alternatives  when one alternative is chosen ]]> 2017-09-05 04:16:22 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626358 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626459 is equal to the total cost divide by the number of goods produced. ]]> 2017-09-05 04:17:10 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626459 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626923 by the means of which countries and governments distribute resources and trade goods and services.]]> 2017-09-05 04:19:16 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626923 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626995 Complementary good or complement is a good with a negative cross elasticity of demand, in contrast to a substitute good.]]> 2017-09-05 04:19:52 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184626995 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627045 a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.]]> 2017-09-05 04:20:24 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627045 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627105 a graph showing how the demand for a commodity or service varies with changes in its price.]]> 2017-09-05 04:21:06 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627105 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627159 A political and economic theory of social organization that advocates that the means of production , distribution, and exchange should be owned or regulated by the community as a whole.]]> 2017-09-05 04:21:50 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184627159 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184629801 A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied. ]]> 2017-09-05 04:46:14 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184629801 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630108 Price elasticity of supply (PES or E_s) is a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.]]> 2017-09-05 04:48:47 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630108 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630259 A surplus is used to describe many excess assets including income, profits, capital and goods. ]]> 2017-09-05 04:49:53 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630259 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630347 In economics, economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.]]> 2017-09-05 04:50:41 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630347 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630452 The equilibrium price is where the supply of goods matches demand.]]> 2017-09-05 04:51:35 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184630452 300016275 https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184631282 The equilibrium price is where the supply of goods matches demand.]]> 2017-09-05 04:58:34 UTC https://padlet.com/300016275/1hgsqbya6gn1econvocab_malia/wish/184631282