Econ Vocabulary Topics 1 & 2 by Kaitlyn Travis https://padlet.com/travikai2024/nis31p0olbiuhcw8 Made with whimsy en-us 2021-10-11 12:21:23 UTC 2021-10-12 02:26:59 UTC hello@padlet.com trade-offs-any situation where making one choice means losing something else,usually forgoing a benefit or opportunity. travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1807453090

]]> 2021-10-11 12:26:46 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1807453090 marginal benefit- the additional benefit arising from a unit increase in a particular activity travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809238122 2021-10-12 01:32:26 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809238122 cost/benefit analysis-is the process of comparing the projected or estimated cost and benefits associated weather it makes sense from a business perspective. travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809254457 2021-10-12 01:39:09 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809254457 opportunity cost-the value of the next best alternative when a decision is made;its what is given up. travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809260183 2021-10-12 01:41:33 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809260183 profit motive-the incentive that drives individuals and business owners to improve their material well-being travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809282616 2021-10-12 01:50:41 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809282616 private property rights-the principle that people have the right to control their possessions and use them as they wish travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809286406 2021-10-12 01:52:17 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809286406 public disclosure laws-laws requiring companies to provide information to consumers about their products and services travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809292640 2021-10-12 01:54:56 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809292640 interest group-a private organization that tries to persuade public officials to act in ways that benefit its members travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809297046 2021-10-12 01:56:45 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809297046 intellectual property- creations, such as books, songs, or symbols, that consist of ideas rather than physical objects travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809310404 2021-10-12 02:02:42 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809310404 privatization-the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809314042 2021-10-12 02:04:20 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809314042 centrally planned economy-an economic system in which the government makes all decisions on the three key economic questions travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809323738 2021-10-12 02:08:19 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809323738 authoritarian-describes a form of government that limits individual freedoms and requires strict obedience from its citizens travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809327340 2021-10-12 02:09:50 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809327340 market-any arrangement that allows buyers and sellers to exchange things travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809335490 2021-10-12 02:13:13 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809335490 household-a person or group of people living in a single residence travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809343863 2021-10-12 02:16:42 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809343863 factor market-the arena of exchange in which firms purchase the factors of production from households travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809348036 2021-10-12 02:18:33 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809348036 firm-an organization that uses resources to produce a product or service, which it then sells travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809352803 2021-10-12 02:20:35 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809352803 product market-the arena of exchange in which households purchase goods and services from firms travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809355344 2021-10-12 02:21:37 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809355344 Adam Smith-the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate. travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809358812 2021-10-12 02:23:10 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809358812 production possibilities curve- illustrates the variations in the amounts that can be produced of two products travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809362715 2021-10-12 02:24:56 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809362715 law of increasing costs-that states that to produces an increasing amount of a good supplier must give up greater and greater amounts of another food. travikai2024 https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809367517 2021-10-12 02:26:59 UTC https://padlet.com/travikai2024/nis31p0olbiuhcw8/wish/1809367517