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Stack #1458546
| Question | Answer |
|---|---|
| economics | the study of the choices people make to satisfy there needs and wants |
| economist | a person who studies economic choices |
| microeconomics | is the study of the choices made by economic actors |
| macroeconomics | examines behavior of entire economics |
| consumers | people who decide to buy things |
| goods | are physical objects that can be purchased |
| producers | the people that make the things that satisfy the consumers |
| services | are actions or activities that are performed for a feed |
| resources | anything that people use to make to make or obtain what they need or want |
| factors of production | resources that can be used to produce goods and services |
| natural resources | items provided by nature that can be used to produce goods |
| human resources | any human effort exerted during production |
| capital resources | the manufactured materials used to create products |
| capital goods | are the buildings, structures, missionairy, and tools used in the production process |
| consumer goods | the goods and services that people buy |
| technology | a use of technical knowledge and methods to create new products or make existing products better |
| entrepreneurship | starting a new business or introducing a new product |
| entrepreneur | a person who attempts to start a new business or introduce a new product |
| scarcity | forces people to make desicions about how to use the resources efficiently |
| allocate | distribute resources in order to satisfy the greatest number of needs and wants |
| productivity | a level of output that results from a given level of input |
| efficientcy | a use of smallest amount of resources to produce the greatest amount of output |
| division of labor | a sign of small number of tasks to each worker |
| specialization | focus on one activity |
| trade-off | one good sacrifice for another |
| opportunity costs | the value of the next best alternative |
| production possiblilty curve | shows all ofthe possible combinations of two goods or services that can be produced in a state of time or period |
| exchange | in which producers and consumers agree to provide one type of item in return for another |
| barter | poeple exchange one set of goods for another |
| money | is an item that is readily accepted by people in return for goods and services |
| credit | allows consumers to use items before completing payment for the merchandise |
| value | can be expressed as an amount of money or price |
| utility | usefulness to a person |
| self sufficiency | when they can fulfill all of there needs without outside assistance |
| interdependence | means that events or developments in one region of the world or sector of the economy influence events or developments in other regions or sectors |
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econ17
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