Economic Terms by Maya Ranganathan https://padlet.com/mranganathan/e6y7lxiwkpu0 Include: Definition, Example and an Image en-us 2016-11-28 02:43:06 UTC 2023-04-15 12:54:19 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Growing.png Labor https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776625 Def: productive activity, especially for the sake of economic gain.
Ex: going to work to earn money.]]> 2016-12-09 13:05:32 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776625 Competition https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776726 the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. 
Ex:
Sprint V. Verizon]]> 2016-12-09 13:06:01 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776726 Suply and Demand https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776759 Definition: the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Example:  A company sets the price of its product at $10.00. No one wants the product, so the price is lowered to $9.00. Demand  for the product increases at the nw lower price point and the company begins to make money and a profit.
]]> 2016-12-09 13:06:11 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776759 Opportunity Cost https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776855 benefit that a person could have received, but gave up, to take another course of action.]]> 2016-12-09 13:06:48 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142776855 Scarcity https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777003
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants.
ex. diamonds]]> 2016-12-09 13:07:39 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777003 Resources https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777028 A source of supply, support, or aid, especially one that can be readily drawn upon when needed.

We use a lot of oil from the middle east, which is a resource to us.]]> 2016-12-09 13:07:46 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777028 Private Property https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777542 Resources or "stuff" owned by the individual or 
institution not the government.]]> 2016-12-09 13:10:16 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777542 Profit https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777581 Definition: Making money by selling something for more then it cost to make it.
Example: It cost me 12$ to make my t-shirt but I sold it for 20$ to make a profit.]]> 2016-12-09 13:10:28 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777581 Stocks https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777647 Def: the capital raised by a business or corporation through the issue and subscription of shares.
Ex: when a company is doing well, their stock goes up.]]> 2016-12-09 13:10:49 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777647 Private Property (Picture) https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777723 2016-12-09 13:11:09 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777723 Bubbles https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777879 When a product is valued for more than it is worth,  a bubble is created, it can also pop, deflating rapidly ex. housing bubbles]]> 2016-12-09 13:11:52 UTC https://padlet.com/mranganathan/e6y7lxiwkpu0/wish/142777879