Business economics vocabulary quizlet

A curve that shows the possible combinations of products that an economy can produce, given that its productive resources are fully employed and efficiently used.
The additional benefit resulting from a small increase in some activity.
The additional cost resulting from small increase in some activity.
The face value of an amount of money.

An economy in which people specialize and exchange goods and services in markets.
An economy in which a government bureaucracy decides how much of each product to produce, how to produce the good, and who gets the good.
A market with many sellers and buyers of a homogeneous product and no barriers to entry.

The study of the nation's economy as a whole; focuses on the issues of inflation,umemployment, and economic growth.
The study of choices made by households, firms, and government and how these choices affect the markets for goods and services.

An economy in which people specialize and exchange goods and services in markets

An economy in which a government bureaucracy decides how much of each product to produce, how to produce the good, and who gets the good

A market with many sellers and buyers of a homogeneous product and no barriers to entry

The study of the nation's economy as a whole; focuses on the issues of inflation,umemployment, and economic growth

The study of choices made by households, firms, and government and how these choices affect the markets for goods and services

Also called economic law represents the combinations of goods and services that a consumer can purchase given current prices with his or her income asserts that there is scarcity, or that the finite resources available are insufficient to satisfy all human wants and needs is a manufactured means of production