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Econ Exam Review III

Toni Johnson

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fixed cost an alternative that we choose when we make a decision
microeconomics the price for the use of borrowed money, or money earned by deposited funds
shortage the amount of goods available
scarcity an intem that we desire but it not essential to survival
infrastructure a tax on the dollar value of a good or service being sold
Thinking at the Margin the system that allows the transfer of money between savers and borrowers
profit income not used for consumption
Trade-Off deciding whether to do or use one additional unite of some resource
specialization the service and facilities necessary for an economy to function
balance of trade a cost that rises or falls depending on how is produced
balanced budget one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing
consumer budget in which revenues are equal to spending
substitute quantity demanded is greater than quantity supplied
opportunity cost all human-made goods that are used to produce other goods and services
financial system limited quantities of resources to meet unlimited wants and needs
World Bank a cost that does not change no matter how much of a good is produced is produced
interest the financial gain made in a transaction
physical capital the difference in value between the total exports and total imports of a nation
supply the largest porvider of development assistance
variable cost the study of the economic behavior and decision making of small units, such as individuals, families, businesses
inelastic the most desirable alternative given up as the result of a decision
sales tax a government payment that supports a business or market
subsidy describes demand that is NOT very sensitive to a change in price
saving goods used in palce of each other
want the concentration of the productive efforts of individuals and firms on a limited number of activities

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