Supply Curve | | This is how much a good or service costs. |
Low Cost Suppliers | | This is the accumulation of those products that are tangible, scarce, useful, and transferable from one person to another. In other words, it is all the money and goods a person has. |
High Cost Suppliers | | This is the price where the quantity demanded is equal to the quantity supplied. It's the only place where the price is stable. |
Price | | These are goods and services that are useful, relatively scarce, and transferable to others. |
Economic Good | | It summarizes the way suppliers respond to a change in price or how they enter/exit the market depending on the price. |
Consumer Good | | This is worth that can be expressed in dollars and cents. |
Capital Good | | This is when the quantity supplied is more than the quantity demanded. |
Value | | This occurs when a nation's total output of goods and services increases over time. |
Utility | | This is the capacity to be useful and provide satisfaction. |
Wealth | | This is when the quantity demanded is more than the quantity supplied |
Economic Growth | | This is something people can buy. |
Productivity | | This is when we rely on others and they rely on us to provide the goods and services that we consume. |
Human Capital | | This is a product made to make another good/service. |
Economic Interdependence | | They can sell a good/service when the price is cheap because it's cheap to make it. |
Equilibrium Price | | This is the sum of the skills, abilities, health, and motivation of people. |
Surplus | | This is a measure of the amount of output produced by a given amount of inputs in a specific period of time. |
Shortage | | They can only sell a good when the price is expensive because it's expensive to make it. |