Grade 11 Economics Flashcards

The network of buyers, sellers, and other actors that come together to trade in a given product or service.

Government controls the factors of production and uses them.

<p>Traditions, customs, and beliefs shape the goods and services the economy produces.</p> Signup and view all the answers

<p>What to produce? How to produce it? How much to produce? For whom?</p> Signup and view all the answers

<p>Known as the father of economics, associated with the concept of the invisible hand and free market system.</p> Signup and view all the answers

<p>A philosopher known for his works on capitalism and socialism, including 'Das Kapital' and the command system.</p> Signup and view all the answers

<p>The quantity of a good or service that buyers will purchase at various prices during a given period of time.</p> Signup and view all the answers

<p>The quantity demanded varies inversely with price, as long as other things do not change.</p> Signup and view all the answers

<p>A method of portraying the relationship between price and quantity demanded for a particular product.</p> Signup and view all the answers

<p>A graphical representation where price is measured on the vertical axis and quantity demanded on the horizontal axis.</p> Signup and view all the answers

<p>An unusually high product demand outside normal parameters that may be due to a promotion, price break, or substitution.</p> Signup and view all the answers

<p>A measure of preferences over some set of goods and services.</p> Signup and view all the answers

<p>The additional satisfaction or benefit gained from consuming one more unit of a good or service.</p> Signup and view all the answers

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<p>Real Gross Domestic Product is a macroeconomic measure of the value of economic output adjusted for price changes.</p> Signup and view all the answers

<p>A company's total earnings after accounting for all explicit costs.</p> Signup and view all the answers

<p>Total expense incurred in reaching a particular level of output, calculated as variable cost plus fixed cost.</p> Signup and view all the answers

<p>Expenses that do not change as a function of the activity of a business within a relevant period.</p> Signup and view all the answers

<p>Costs that vary depending on a company's production volume.</p> Signup and view all the answers

<p>Fixed costs divided by the quantity of output produced.</p> Signup and view all the answers

<p>Variable costs divided by the quantity of output produced.</p> Signup and view all the answers

<p>The total sales of a firm based on a given quantity of goods.</p> Signup and view all the answers

<p>The money a business makes after accounting for all the expenses.</p> Signup and view all the answers

<p>The additional revenue generated by increasing product sales by one unit.</p> Signup and view all the answers

<p>The change in total cost that arises when the quantity produced is incremented by one unit.</p> Signup and view all the answers

<p>Needing a large workforce or a large amount of work in relation to output.</p> Signup and view all the answers

<p>Requiring the investment of large sums of money.</p> Signup and view all the answers

<p>Where total revenue equals total cost (TR = TC).</p> Signup and view all the answers

<p>Cost advantages obtained due to size, with cost per unit of output generally decreasing with increasing scale.</p> Signup and view all the answers

<p>A market structure where no participants have the market power to set the price of a homogeneous product.</p> Signup and view all the answers

<p>A market structure in which there is only one producer/seller for a product.</p> Signup and view all the answers

<p>A secret agreement among firms to set prices, limit output, or reduce competition.</p> Signup and view all the answers

<p>Some products are more efficiently produced by a monopoly due to high fixed costs.</p> Signup and view all the answers

<p>The process of removing or reducing government regulations in the economic sphere.</p> Signup and view all the answers

<p>Exclusive rights granted to an inventor for a limited period in exchange for public disclosure of an invention.</p> Signup and view all the answers

<p>Costs incurred by a third party due to an economic activity they did not agree to.</p> Signup and view all the answers

<p>Costs or benefits that affect a party not involved in the economic transaction.</p> Signup and view all the answers

<p>A branch of economics dealing with the economy as a whole rather than individual markets.</p> Signup and view all the answers

<p>The monetary value of all finished goods and services produced within a country's borders in a specific time period.</p> Signup and view all the answers

<p>Calculating GDP by totaling consumption, investment, government spending, and net exports.</p> Signup and view all the answers

<p>A sustained increase in the general price level of goods and services in an economy over time.</p> Signup and view all the answers

<p>An indicator of changes in consumer prices experienced by Canadians.</p> Signup and view all the answers

<p>The lowest rate of interest at which money may be borrowed commercially.</p> Signup and view all the answers

<p>Money or financing available only at high rates of interest.</p> Signup and view all the answers

<p>Money that is easily acquired, often related to a condition in the money supply.</p> Signup and view all the answers

<p>The rate of interest which a central bank charges on loans to commercial banks.</p> Signup and view all the answers