Economics Notes

Consumer sovereignty

is important in this ideology, as they have the freedom to choose products that suit their needs and desires.

President Biden

makes it a point to support goods and services that are American.

Capitalism

is largely characterized by the lack of government intervention, means of production by private firms and goods and services distributed according to the price mechanism.

Smith

was critical in this doctrine since he believed that wealth sprang from the production of goods and services, not from the accumulation of gold and silver.

entire economic ideology

The may damage the environment as profit is prioritized.

Macroeconomics

What is the study of the impact of changes on the economy as a whole? Answer with a single words or term.

Half a dozen companies

raised their prices as much as 1, 000 % to make record profits through the exploitation of consumers and workers.

Natural resources

What are materials obtained from the land, sea, and air? Answer with a single words or term.

Marginal utility

: j, the degree of satisfaction from each additional purchase of a product or service.

ideology

The government is not setting prices, and the private company is able to control a lot about their products such as scarcity and wages. This provides incentives to be rich and encourages innovation since the individual and companies are prioritized.

Microeconomics

What is the study of the effects of economic forces on individual parts of the economy? Answer with a single words or term.

Mercantilists

believed that gold and silver were sources of wealth.

Economists

differentiate between goods and services.

Entrepreneurship

: f, The production of capital goods.

command economy

People produce only enough goods to meet the needs of their family or slightly more for sale. A(n) controls everything about the goods and services, and it is decided by a central authority.

major decisions

The are made by individuals and businesses who voluntarily exchange goods and services at certain prices.

China

is investing more money into research and development than America, and Biden is stressing the importance of this bill, as it would level the playing field and promote American advancements and promote economic welfare.

Demand Curve

: d, the extent to which supply changes following a change in price.