Abeka Economics Test 3

the study of the choices that individuals and societies make in the production, distribution, and consumption of goods

• economics

• macroeconomics

• materialism

• microeconomics

any system for the production, distribution, and consumption of goods and services

• economy

• imperialism

• market

the study of specific components within a major economy and how the choices made by individuals, households, and businesses affect that economy

• macroeconomics

• microeconomics

• economic models

a tangible item that people want and for which they will pay

• good

• services

• want

• need

intangible goods produced by labor for which people expect to pay

• good

• services

• need

• want

a mechanism that allows people to exchange goods

• market

• good

• services

• need

• want

the amount of a good that is bought at a certain price under certain conditions

• demand

• supply

• want

• market

persons who work to provide goods

• producer

• consumer

• capitalist

people who use goods

• producers

• consumers

• capitalists

anything used in the production and distribution of goods and services

• capital good

• consumer good