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Chapter 1 Word

an economic way of thinking

TermDefinition
economics the study of choices people make.
economist a person who studies economic choices.
microeconomics the study of choices made by economic actors, such as households and companies.
macroeconomics examines the behavior of entire economies.
consumers the people who decide to buy things.
producers the people who make the things that satisfy consumers needs and wants.
resource is anything that that people use to make or obtain what they need or want.
factors of production resources that can be used to produce goods and services.
goods phisical objects that can be purchased.
services actions or activities that are preformed for a fee.
natural resources items provided by nature.
Human resources any human effort exerted during production.
Capital resources the manufactured materials used to creat products.
Capital goods buildings, structures, machinery and tools used in production.
Cosumer goods the goods and serveces that people buy.
Technology the use of technical knowledge and methods to ceat new products or make existieng products morre efficient.
Entrepreneurship combination of organizational abilities and risk takig involved in startig a new buissness o introducing a new product.
Entrepreneur a person who atempts to start a new buissness or introduce a new product.
Scarcity Combination of limited economic resources and unlimited wants
Allocate Distribute
Producttivity The level of output that results from a given level of imput.
Efficientcy The use of the smallest amout of resources to produce the greatest amount of output.
Division of labor Assigning a small of a task to each worker.
Specialization The focous on one activity.
Trade off One good is sacraficed for another.
Opportunity cost The value the next best alternative that is given up to obtain the perfered item
Poductionpossibilitiescurve Shows all of the possible combinations of two goods or serveces.
Exchange Producers and consumers agree to provide one type of item in return for another.
Barter Direct trade.
Money Any item that is readily excepted by people in return for goods and servuces.
Credit A third form of exchange.
Value Somthing that can be exspressed as an amount of money or price.
Utillity Usefulness to a person.
Self efficientcy People or societies that can fulfill all the needs without outside assistance.
Created by: JonnyRockets
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