shows the connection between firms and households in input and output market

is an organization that transforms rsources (inputs) into products (outputs).

Is a person who organizes managers and assumes the risk of a firm, taking a new idea or a new product and turning it into a successful business

Are the consuming units in an economy?

Are the markets in which goods and services are exchanged?

Are the markets in which resources, labor capital and land used to produce products are exchanged

In which households supply work for wages to firms that demand labor

What are the input markets?

What are the markets and competition?

It’s a group of buyers and sellers of a particular product

is one with many buyers and sellers each has an negligible effect on price

All goods are exactly the same and buyers and sellers so numerous that no one can affect market price. Each is a price taker.

The amount of the good that buyers are willing and able to purchase

The law of demand is an ____ relationship between price and quantity demand

At the lower price consumers can buy more of a product without giving up other goods

At the lower price consumers have the incentive to substitute the cheaper good for similar goods that are now relatively more expensive

States that successive units of all given product used yield less and less extra satisfaction

It shows the relationship between the price and demand

Is derived by adding all the quantities demand in a demand schedule, which correspond to their prices

what are the demand shifts?

As a new band becomes popular the demand for that band rules when the band gets poor reviews, the demand decreases

generally, when incoming increases consumers Have more money to spend or more ability

A pizza shop deliver To a 5 mile radius the people in that area are their market size if they increase their delivery to 10 miles they are increasing their

What Are the two types of price of related goods?

Similar goods that replace higher price boobs

Good commonly used with other goods

Consumer expects an increase in payday, and to spend more increasing demand, when expecting a low income, they expend less decreasing demand

what are the 3 economic concepts

In which households supply their savings for interest, or for claims to future profits to firms that demands once to buy capital goods

In which household supply land, and other real property in exchange for rent

Is the amount that sellers are willing and able to sell?

The law of supply is a___relationship between price and quantity supplied

It is the amount of money remaining after producers have paid all of their costs is called.

What are the supply shift?

A___shift means an increasein supply

a___shift means a decrease in supply

Any price we can increase or decrease in resources, will affect their cost

New technology can reduce the cost of production leading to an increase in supply

What are some examples of government tools?

It is an increase in supply, because there are more companies producing similar goods

Suppliers may choose to produce different goods which are selling for a higher profit

If the producer thinks the demand for or the price of their product will increase level, increase their supply

This occurs when the buying of household and selling decisions of producers are equated

This is the difference in the amount demanded, and the amount supplied (quantity demand is more than quantity supplied)

This is the difference in the amount demanded in the amount supplied (quantity demand is less than quantity supply)

It is the total monetary or market value Of all finish goods and services produced within a country borders in a specific time period

What are the influence of cash?

What are the outflows of cash?

How do you calculate the GDP

What are the three different ways to measure GDP?

Who is the founder of the keynesian theory?

Who are the followers of monetarist?

This focuses on the macroeconomic effects of the supply of money in the role of central banking on an economic system

Who are the followers of Austrian

Who are the followers of neoclassical?

it About methodological, individualism, or idea that people will act in meaningful way, which can be analyzed

What are the main tenets of keynesian theory?

what are the central tenets of austrian

He defines economics as the science of wealth

He defines economics as the shifted emphasis from wealth production to wealth distribution

He defines economics as the science of production distribution and conception of wealth

He defines economics as the law that governs mankind in the production of wealth. The wealth definition means that wealth was considered to be an end in itself.

According to him the use of the word material narrows down to the scope of economics because there are many things in the world which are immaterial, but are useful for promoting human welfare

It is the branch of economics purposes on broad issues, such as growth, unemployment, inflation, and trade balance

It is the branch of economics opposite on option of particular agents with economy, household workers, and business firms

Limitations or limited, goose or services limited time or limited abilities to achieve the desire and

Goods that consumer must pay obtain also called scarce goods

These are obtained by consumers for free because they are abundant relative to the demand

What Are the inputs used in production Of goods and services

This are good and services that are considered transferable scarce and useful to individuals businesses or government

who purchases the goods and acquire services to satisfy the ones and needs

Our products that are intended for use by individual such as shoes, backpack scars, or computer

Are items that are manufactured to produce other goods and services such as bulldozer used to clear land for homes, school computers for students or a cash register at grocery store

These are considered as an economic product because people will pay to have this done from someone else

It is defined as an item that has worth that can be expressed in dollars cents individuals business, and government governments determine if a product or a services is worth the

Is the usefulness of an item and must provide the purchaser with some satisfaction

It is determined by the consumer some people may find an item more useful than other

It is a contradiction in a situation where some things should have value because it useful

It is documentation of all those products that are scarce,tangible, and transferable from one person to another

What are the two approaches Of economic development

It is characterized by predominance of primary sector, agriculture, low per capita, income, widespread, poverty, wide inequality in distribution of income and wealth over population low rate of capital formation higher rate of unemployment, technological, backwardness, and

refers to the state of economy were levels of living of masses are extremely low due to very low Levels of per capita income, resulting from low levels of productivity and high growth rate of population

It means an Increase in real national income/national output. It is also defined as that increase in value of goods and services produced as measured by annual percentage change in real GDP.

It means an improvement in the quality of life and living standards

What are the stages of economic development?

What are the stages of economic growth?

What are the measurements of economic development?