model that enables

an economist to see the maximum feasible amounts

of two commodities that a business can produce when

those items are competing for that business's limited

resources

an imaginary unit of satisfaction

a law stating that, everything else being

held constant, the lower the price charged for a good or

service, the greater the quantity people will demand and

vice versa

a graph illustrating the various quantities

of an item that are demanded at various prices

model that enables

an economist to see the maximum feasible amounts

of two commodities that a business can produce when

those items are competing for that business's limited

resources

the worth of a good or service as deter-

mined by its usefulness to the buyer

a table or chart explaining the relationships

between pairs of variables; also called a schedule

a graph illustrating the various quantities

of an item that are demanded at various prices

those persons who are working (the em-

ployed) and those who are actively looking for a job (the

unemployed)

a graph illustrating the various quantities

of an item that are demanded at various prices

the factor of production denoting all human effort

that goes into the creation of goods and services

a table or chart explaining the relationships

between pairs of variables; also called a schedule

the worth of a good or service as deter-

mined by its usefulness to the buyer

the satisfaction a person receives

from a choice

the factor of production denoting all human effort

that goes into the creation of goods and services

the satisfaction one gives up or the regret

one experiences for not choosing a desirable alternative

model that enables

an economist to see the maximum feasible amounts

of two commodities that a business can produce when

those items are competing for that business's limited

resources

the satisfaction a person receives

from a choice

the tools business firms use to produce goods

and services

a table or chart explaining the relationships

between pairs of variables; also called a schedule

the condition of a good or service being finite or

limited in quantity

the satisfaction a person receives

from a choice

the worth of a good or service as deter-

mined by its usefulness to the buyer

a table or chart explaining the relationships

between pairs of variables; also called a schedule

a law stating that, everything else being

held constant, the lower the price charged for a good or

service, the greater the quantity people will demand and

vice versa

the condition of a good or service being finite or

limited in quantity

factor costs involving the rewards entrepreneurs

receive for successful risk taking

an imaginary unit of satisfaction

the condition of a good or service being finite or

limited in quantity

an intangible function produced by useful labor

the tools business firms use to produce goods

and services

an imaginary unit of satisfaction

payments of money or goods from the

government to individuals for which no specific eco-

nomic repayment is expected

guaranteed checks bought through banks

from various financial institutions as a means of safe-

keeping cash during travel

an imaginary unit of satisfaction

a law stating that, everything else being

held constant, the lower the price charged for a good or

service, the greater the quantity people will demand and

vice versa

Unemployment insurance

^{Government Purchase}

taxes

Social Security benefits

a situation in which a government, busi-

ness firm, or individual receives more income than is

paid out in expenses

an intangible function produced by useful labor

a situation in which a government, business

firm, or individual receives less income than is paid out

in expenses

the tools business firms use to produce goods

and services

the tools business firms use to produce goods

and services

a situation in which a government, business

firm, or individual receives less income than is paid out

in expenses

a business firm owned by two or

more people

any tangible thing that has a measurable life span

a situation in which a government, business

firm, or individual receives less income than is paid out

in expenses

inflation believed to be triggered

when consumers demand more products and the rising

demand results in rising prices and wages

to legally withhold a portion of a debtor's wages in

payment for a loan in default

a situation in which a government, busi-

ness firm, or individual receives more income than is

paid out in expenses

a situation in which a government, business

firm, or individual receives less income than is paid out

in expenses

a situation in which governmental borrow-

ing reduces the financial capital available to business

firms

an intangible function produced by useful labor

the satisfaction a person receives

from a choice

to legally withhold a portion of a debtor's wages in

payment for a loan in default

the percentage of

each dollar that the average person chooses to spend

the level of economic study that is con-

cerned with large-scale economic choices and issues

any tangible thing that has a measurable life span

a situation in which a government, busi-

ness firm, or individual receives more income than is

paid out in expenses

a deceptive advertising technique that

draws customers into the business for an advertised

product that is unavailable or unsuitable, thereby pro-

)

viding an opportunity to sell a more expensive product

the percentage of

each dollar that the average person chooses to spend

the level of economic study that is con-

cerned with large-scale economic choices and issues

a model that enables

an economist to see the maximum feasible amounts

of two commodities that a business can produce when

those items are competing for that business's limited

resources

the level of economic study that is con-

cerned with large-scale economic choices and issues

the tendency

of people to receive less and less additional satisfaction

from any good or service as they obtain more and more

of it during a specific amount of time

guaranteed checks bought through banks

from various financial institutions as a means of safe-

keeping cash during travel

a table or chart explaining the relationships

between pairs of variables; also called a schedule

a tabular model displaying ob-

servations of utility received from some good or service

a graphic representation of obser-

vations of utility received from some good or service

model that enables

an economist to see the maximum feasible amounts

of two commodities that a business can produce when

those items are competing for that business's limited

resources

to legally withhold a portion of a debtor's wages in

payment for a loan in default

a graph illustrating the various quantities

of an item that are demanded at various prices

the number of units of a product that will be

bought at a given price

a situation in which a government, busi-

ness firm, or individual receives more income than is

paid out in expenses

the number of units of a product that will be

bought at a given price

a graphic representation of obser-

vations of utility received from some good or service

a law stating that, everything else being

held constant, the lower the price charged for a good or

service, the greater the quantity people will demand and

vice versa

a graph illustrating the various quantities

of an item that are demanded at various prices

a business firm owned by two or

more people

a deceptive advertising technique that

draws customers into the business for an advertised

product that is unavailable or unsuitable, thereby pro-

)

viding an opportunity to sell a more expensive product

the tendency

of people to receive less and less additional satisfaction

from any good or service as they obtain more and more

of it during a specific amount of time

a graph illustrating the various quantities

of an item that are demanded at various prices

a graphic representation of obser-

vations of utility received from some good or service

the science of how and why people, businesses,

and governments make the choices that theu do

an increase in the quantity of goods and

services a nation can produce

a money supply that can be expanded or

contracted

an intangible function produced by useful labor

The condition of a good or service being finite or

limited in quantity

a law stating that, everything else being

held constant, the lower the price charged for a good or

service, the greater the quantity people will demand and

vice versa

a situation in which governmental borrow-

ing reduces the financial capital available to business

firms

a situation in which a government, business

firm, or individual receives less income than is paid out

in expenses

a situation in which governmental borrow-

ing reduces the financial capital available to business

firms

any tangible thing that has a measurable life span

the approach to economic study

involving value judgments about existing and proposed

economic policies

the riddle that asks which is

more valuable, a handful of diamonds or a glass of water

solved by Carl Menger in 1871 when he proposed that

value is not inherent in an object but rather is deter-

mined by the buyer

insurance that provides one's

family with weekly or monthly payments to replace the

income of someone unemployed because of illness or

injury

inflation believed to be triggered

when consumers demand more products and the rising

demand results in rising prices and wages

he condition of a good or service being finite or

limited in quantity

credit from which a debtor may continu-

ally draw more money (e.g. credit-card credit

the satisfaction a person receives

from a choice

he condition of a good or service being finite or

limited in quantity

the percentage of

each dollar that the average person chooses to spend