3rd period economics
Vocabulary
Scarcity-Insufficiency of amount or supply; shortage
Economics-The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.
Entrepreneurship-A person who organizes, operates, and assumes the risk for a business venture.
Product Market-deals with the first of the "7P"'s of marketing, which are Product, Pricing, Place, Promotion, Physical Environment, Process & People.
Factor Market-refers to markets where services of the factors of production (not the actual factors of production) are bought and sold such as the labor markets, the capital market, the market for raw materials, and the market for management or entrepreneurial resources.
Production – possibility frontier (PPF) is a graph that shows the various combinations of amounts of two commodities that could be produced using the same fixed total amount of each of the factors of production. Graphically bounding the production set for fixed input quantities, the PPF curve shows the maximum possible production level of one commodity for any given production level of the other, given the existing state of technology.
Free Enterprise economy-An economic system in which the means of production and distribution are privately or corporately owned and development is proportionate to the accumulation and reinvestment of profits gained in a free market.
Factors of production- are the inputs to the production process. Finished goods are the output.
Economic system-An economic system is a system for producing, distributing and consuming goods and services, including the combination of the various institutions, agencies, consumers, entities (or even sectors as described by some authors) that comprise the economic structure of a given society or community.
Traditional economy-A traditional economy is any economic system involving extensive agriculture or one that...