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Economics
WCHS Economic chapter 1
| Word | Definition |
|---|---|
| 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
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