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WCHS Economic chapter 1

Economics the social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants
Production is a process that combines economic resources so the result is a good or service that is available for sale
distribution the process of getting a product or service to consumers, before the human want can be satified
consumption using a product or service
Natural resources unaltered gifts of nature, such as soil, minerals, timber, and fresh water, land
Human resources labor, are physical and mental efforts people use to create goods and services
Capital resources buildings, tools, and machines people create and use to produce final goods and services.
factors of production What economist call land, labor and capital resources
Entrepreneurship the imagination, innovative thinking, and management skills needed to start and operate a buisness
scarcity means that an inequality exists between wants and the resources available to satisfy them, scarcity =wants>available resources
opportunity cost the highest valued alternative given up as a result of making a choice
incentives positive rewards for making some kind of choice or behaving in a certain way
disincentives often related to such things as fines or punishment
trade exchanging something for something else
benefits The gains that result when a choice is made
cost the losses that result when a choice is made
marginal simply means the extra or additional costs or benefits of a decision
profit a positive difference between total sales and total cost, meaning that total sales must be greater than total cost
market economy an economy that relies on voluntary trade as the primary means of organizing and coordinating production
market an arrangement that allows buyers and sellers to make exchanges.
macroeconomics the study of the economy as a whole
microeconomics the study of individual consumers and business
Created by: dmoudy