Economics Flashcards

Land, capital, labor, and entrepreneurship

A social science because it deals with how people behave while trying to satisfy their needs and wants through use of relatively scarce resources.

A competitive economic system in which private citizens own the factors of production.

A characteristic of market/mixed economies.

One characteristic of the corporate form of business organization.

Describes the additional satisfaction a consumer receives with the purchase of each additional unit.

States that more of a product will be purchased at low prices than at high ones.

The situation in which the quantity of output supplied is equal to the quantity demanded.

The three criteria are equity, complexity, and efficiency.

The Two Principles are the benefit principle and the ability-to-pay principle.