https://padlet.com/sarah15anderson/qxsehkpbzelx Unit 1 en-us 2016-09-01 01:14:05 UTC 2016-09-01 02:15:34 UTC hello@padlet.com sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985318 goods or services that are required that would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for]]> 2016-09-01 01:18:38 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985318 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985393 desires that can be satisfied by consuming a good, service or leisure activity. Because resources are limited, people cannot have all the goods and services they want; as a result, they must choose some things and give up others]]> 2016-09-01 01:19:15 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985393 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985518 a material that satisfies human wants and provides utility, for example, to a consumer making a purchase while getting an enough-satisfying Product. A common distinction is made between 'goods' that are tangible property and services, which are non-physical]]> 2016-09-01 01:19:54 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985518 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985629 an economic activity where an immaterial exchange of value occurs. When a service such as labor is performed the buyer does not take exclusive ownership of that which is purchased, unless agreed upon by buyer and seller]]> 2016-09-01 01:20:29 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985629 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985715 the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs]]> 2016-09-01 01:20:59 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985715 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985794 an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labor, capital and entrepreneurship]]> 2016-09-01 01:21:32 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985794 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985852 the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. Entrepreneurs are pioneers, innovators, leaders and inventors]]> 2016-09-01 01:22:07 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985852 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985981 when the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus)]]> 2016-09-01 01:23:20 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120985981 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986187 an opportunity cost, which is the most preferred possible alternative. A trade-off involves a sacrifice that must be made to get a certain product or experience]]> 2016-09-01 01:25:22 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986187 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986241 an example of a simple production–possibility frontier. It demonstrates the relationship between a nation's investment in defense and civilian goods. In this example, a nation has to choose between two options when spending its finite resources]]> 2016-09-01 01:26:11 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986241 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986329 think about your next step forward. The word "marginal" means "additional." The first glass of lemonade on a hot day quenches your thirst, but the next glass, maybe not so much. If you think at the margin, you are thinking about what the next or additional action means for you]]> 2016-09-01 01:27:00 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986329 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986406 the extreme limit of settled land beyond which lies wilderness, especially referring to the western US before Pacific settlement]]> 2016-09-01 01:27:45 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986406 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986510 implies an economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one entity would harm another]]> 2016-09-01 01:28:47 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986510 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986598 the state of not being used enough or not used to full potential. An example of underutilization is when a very smart person with a masters degree is just working at an entry-level job in fast food]]> 2016-09-01 01:29:30 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986598 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986729 the goods to be taken into consideration are e.g. money, time and resources. The comparison includes the gains and losses precluded by taking a course of action, as the those of the course taken itself]]> 2016-09-01 01:31:05 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986729 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986794 prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy, and it typically entails support for highly competitive markets and private ownership of productive enterprises]]> 2016-09-01 01:31:35 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986794 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986839 an economic system in which the state or government makes economic decisions rather than the interaction between consumers and businesses]]> 2016-09-01 01:32:04 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120986839 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987037 protects private property and allows a level of economic freedom in the use of capital, but also allows for governments to interfere in economic activities in order to achieve social aims]]> 2016-09-01 01:34:06 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987037 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987126 when a nation or individual concentrates its productive efforts on producing a limited variety of goods. It oftentimes has to forgo producing other goods and relies on obtaining those other goods through trade]]> 2016-09-01 01:34:57 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987126 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987180 includes all the persons who occupy a housing unit. A housing unit is a house, an apartment, a mobile home, a group of rooms, or a single room that is occupied (or if vacant, is intended for occupancy) as separate living quarters]]> 2016-09-01 01:35:35 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987180 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987254 a business organization, such as a corporation or a partnership, with different levels of legal protection. However, the Ludwig Von Mises Institute states that a firm in economics plays an important role in markets regardless of its legal definition]]> 2016-09-01 01:36:18 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987254 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987335 where services of the factors of production (not the actual factors of production) are bought and sold, such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources]]> 2016-09-01 01:36:57 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987335 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987427 the marketplace in which final goods or services are offered for purchase by consumers, businesses, and the public sector. Focusing on the sale of finished goods, it does not include trading in raw or other intermediate materials]]> 2016-09-01 01:37:32 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987427 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987490 in markets which are perfectly competitive, the profit available to a single firm in the long run is called normal profit. This exists when total revenue, TR, equals total cost, TC. Normal profit is defined as the minimum reward that is just sufficient to keep the entrepreneur supplying their enterprise]]> 2016-09-01 01:38:12 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987490 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987541 refers to actions that elicit the most personal benefit. Adam Smith, the father of modern economics, explains that the best economic benefit for all can usually be accomplished when individuals act in their own self-interest]]> 2016-09-01 01:38:46 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987541 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987714 a benefit, reward, or cost that motivates an economic action]]> 2016-09-01 01:40:26 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987714 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987759 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]]> 2016-09-01 01:40:54 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120987759 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988329 a term used by Adam Smith to describe his belief that individuals seeking their economic self-interest actually benefit society more than they would if they tried to benefit society directly]]> 2016-09-01 01:46:09 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988329 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988423 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]]> 2016-09-01 01:46:52 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988423 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988500 a philosopher and economist famous for his ideas about capitalism and communism. Marx, in conjunction with Friedrich Engels, published "The Communist Manifesto" in 1848; later in his life, he wrote "Das Kapital," which discussed the labor theory of value]]> 2016-09-01 01:47:37 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988500 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988594 a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs]]> 2016-09-01 01:48:36 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120988594 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989249 abstention by governments from interfering in the workings of the free market]]> 2016-09-01 01:54:08 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989249 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989472 a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity; and from collective (or cooperative) property, which is owned by a group of non-governmental entities]]> 2016-09-01 01:56:23 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989472 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989525 an economic system in which private business operates in competition and largely free of state control]]> 2016-09-01 01:56:55 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989525 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989578 the transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business. The process in which a publicly-traded company is taken over by a few people is also called privatization]]> 2016-09-01 01:57:26 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989578 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989633 the motivation of firms that operate so as to maximize their profits. Mainstream microeconomic theory posits that the ultimate goal of a business is to make money. Stated differently, the reason for a business's existence is to turn a profit]]> 2016-09-01 01:57:49 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989633 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989818 the act of buyers and sellers freely and willingly engaging in market transactions. Moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred]]> 2016-09-01 01:59:06 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989818 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989908 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]]> 2016-09-01 01:59:45 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120989908 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990011 an organized group that tries to influence the government to adopt certain policies or measures. Also called pressure group]]> 2016-09-01 02:00:24 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990011 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990071 refers to the act of making information or data readily accessible and available to all interested individuals and institutions]]> 2016-09-01 02:00:45 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990071 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990172 a common concern among citizens in the management and affairs of local, state, and national government. It does not mean mere curiosity but is a broad term that refers to the body politic and the public weal]]> 2016-09-01 02:01:20 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990172 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990256 the total value of goods produced and services provided in a country during one year]]> 2016-09-01 02:01:56 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990256 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990359 the fluctuation in economic activity that an economy experiences over a period of time. A business cycle is basically defined in terms of periods of expansion or recession]]> 2016-09-01 02:02:34 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120990359 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991317 the part of a country's economic system that is run by individuals and companies, rather than the government. Most private sector organizations are run with the intention of making profit. The segment of the economy under control of the government is known as the public sector]]> 2016-09-01 02:11:39 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991317 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991366 a problem that occurs when those who benefit from resources, goods, or services do not pay for them, which results in an under-provision of those goods or services]]> 2016-09-01 02:12:13 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991366 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991410 a situation in which the allocation of goods and services is not efficient. That is, there exists another conceivable outcome where an individual may be made better-off without making someone else worse-off]]> 2016-09-01 02:12:35 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991410 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991516 the cost or benefit that affects a party who did not choose to incur that cost or benefit. Economists often urge governments to adopt policies that "internalize" an externality, so that costs and benefits will affect mainly parties who choose to incur them]]> 2016-09-01 02:13:37 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991516 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991579 the original version of the federal poverty measure. They are updated each year by the Census Bureau. The thresholds are used mainly for statistical purposes — for instance, preparing estimates of the number of Americans in poverty each year]]> 2016-09-01 02:14:09 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991579 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991621 the level of prosperity and standard of living of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services]]> 2016-09-01 02:14:35 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991621 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991661 consists of the payment of currency or transferable deposit by one unit to another without any counterpart]]> 2016-09-01 02:14:54 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991661 sarah15anderson https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991718 exchange of goods or services for other goods or services with no medium of exchange. Income in kind: in particular. Benefit in kind: employee benefits such as a company car or gym membership]]> 2016-09-01 02:15:22 UTC https://padlet.com/sarah15anderson/qxsehkpbzelx/wish/120991718