a system of production where a number of similar products are produced to meet continuing sales demand
an organized system of the production, distribution and consumption of wealth
the branch of economics that examines and explains the economy as a whole, i.e. in aggregate values
something that motivates people to action or effort
a measure of the average level of prices of goods and services in the economy
movement of the entire curve outward of inward
a judgement about the quality of something, based on opinion rather than facts
the factors of production that are put into a business to produce its output
1. production of goods especially in factories, 2. a particular branch of production or trade
the financial harm or disadvantage in business
an industry that is not concerned with manufactured goods, but provides a service
manufactured product which is ready to be sold
the part of economics that examines individual decision and particular markets
money paid by a government ot producers of certain goods, to help them provide low-priced goods without loss to themselves
lack of available resources to satisfy all desired uses of those resources
the study of how people use their limited resources to satisfy unlimited wants
an agreement to borrow money, esp. So as to buy a house, and pay interest on it to the lender over a period of years
in the business cycle, a very high peak representing a big jump in output
the quality in a buseneesman to organize, innovate, bear risks and make nonroutine decisions (see Enterprise 1)
the cost of a choice stated in terms of the value of other goods or services that must be given up
manufacturing of identical articles in very large quantities by mechanical processes
1. work, esp. Human work needing the use of strength of body or skill and effort of mind, 2. the whole class of persons who work for their living, 3. one of the main factors of production, the human energy and mental skill and judgement applied in producing economic goods
necessity to give up one thing in order to obtain something else (a balance between opposing things, compromise)
a good or service that is not used as an input in the production of other goods and services but is bought by its final user
things which are the starting point for manufacturing processes
an outward shift of the production possibility frontier brought about by an increse in available resources and / or tehnological improvement
a decrease in per-unit cost as a result of an increase in output
an index which measures prices of a fixed market basket of goods and services purchased by a typical urban household
a part of disposable income that is not spent on current consuption
the inability of the market to deliver the most desired economic outcomes
a commodity that has no price because it is not scarce nad does not require the use of scarce factors of production to create them, e.g. fresh air, sunshine (in certain parts of the world)
a continual rise in the average level of prices
a curve showing the combinations of maximum output of two goods that can be produced by fully utilizing the limited resources availabel and the best known technology
the output from a process designed for the production of some other product
the production of goods from raw materials
economics that offers prescriptions for action based on personal value judgements
a resource whose availability cannot satisfy all its desired uses
achieving as much output as possible from a given amount of inputs of resources
1. the quality in a buseneesman to organize, innovate, bear risks and make nonroutine decisions, 2. an industrial or commercial organization, 3. an economic system which allows a degree of freedom to private businessmen
economics that seeks objective or scientific explanations of the workings of an economy
one of the factors of production, also called „natural resources“ being the gifts of nature in the form of useful materials of all kinds in or on the earth, including surface space, soil, rocks, minerals, water, winds and weather
the amount of money paid or needed for buying, doing or producing someth.
human-made resources (buildings, machinery, and equipment) used to produce goods and services
the relation between the payment received by a lender of money and the amount of money lent, expressed as a percentage per period of time
the difference between total revenue and total cost
a system of production where each order is for a different product
a thing provided by nature or accumulated by man that can be used as means of satistying wants
money received by a firm from the sale of goods and services
industries producing raw materials, either by extracting them from the ground or by growing them
1. the act or process of producing, manufacturing, 2. the entire amount produced
a good that is only partly made and needs further processing before final consumption
points lying inside (below) the production possibility frontier, representing the incomplete use of the available resources
points lying outside (above) the production possibility frontier, representing combinations of outputs that cannot be obtained, given available resources and technology
the percentage increase in the ganeral price leve over a certain period of time