firm
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An organization that transforms resources (inputs) into products (outputs). Firms are primary producing units in a market economy.

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entrepreneurA person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business.
householdsThe consiming units of an economy.
product or output marketsThe market in which godds and services are exchanged.
input or factor marketsThe market in which the resources used to produce products are exchanged.
labor marketThe input/factor market in which households supply work for wages to firms that demand labor.
capital marketThe input/factor market in which households supply their savings, for interest or for claims to future profits, to firms that demand funds in order to buy capital goods.
land marketTne input/factor market in which households supply land or other real property in exchange for rent.
factors of productionThe inputs into the production process. Land, labor, and capital are the three factors of production.
quantity demandedThe amount (nimber of units) of a product that a household would buy in a given period if it could buy all it wanted at the current market price.
demand scheduleA table showing how much of a given product a household would be willing to buy at differnt prices.
demand curveA graph illustrating how much of a given product a household would be willing to buy at different prices.
law of demandThe negative relationship betwwen price and quantity demanded: As price rises, quantity demanded decreases. As price falls, quantity demanded increases.
incomeThe sum of all a household's wages, salaries, profits, interest payments, rents, and other forms of earnings in a given period of time. It is a flow measure.
wealth or net worththe total value of what a household minus what it owes. It is a stock measure.
normal goodsGoods for which demand goes up when income is higher and for which demand goes down when income is lower.
inferior goodsGoods for which demand fals when income increases.
substitutesGoods that can serve as replacements gfor one another; when the price of one increases, demand for the other goes up.
perfect substitutesIdentical products.
complements, complementary goodsGoods that "go together"; a decrease in the price of one increases in demand for the other, and vice versa.
shift of demand curveThe change that takes place in a demand curve when a new relationship between quanity demanded of a good and the price of that good is brought about by a change in the original conditions.
movement along a demand curveWhat happens when a change in price causes quantity demanded to change.
market demandThe sum of all the quantities of a good or service demanded per period by all the households buying in the market for that good or service.
profitThe diffetrence between revenues and costs.
quantity suppliedThe amount of a particular product that a firm would be willing and able to offer for sale at a particular price during a given time period.
supply scheduleA table showing how much of a product firms will supply at different prices.
law of supplyThe positive relationship between price and quantity of a good supplied: An increase in market price will lead to an increase in quantity supplied, and a decrease in market price will lead to a decrease in quantity supplied.
supply curveA graph illustrating how much of a product a firm will supply at different prices.
market supplyA sum of all that is supplied each period by all producers of a single product.
equilibriumThe condition that exists when quantity supplied and quantity demanded are equal. At equilibrium, there is no tendency for price to change.
excess demandThe condition that exists when quantity demanded exceeds quantity supplied at the currrent price.

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excess supplyThe condition that exists when quantity supplied exceeds quantity demanded at the current price.
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