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Fratrik Honors Econ

Unit One Vocab - Basic Econ Concepts - Chapter 1, 2, 3

TermDefinition
capital manufactured goods used to make other goods and services.
macroeconomics the branch of economics that is concerned with the overall ups and downs in the economy.
economics the study of scarcity and choice.
market economy an economy in which decisions of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions.
entrepreneurship the efforts of entrepreneurs in organizing resources for production, taking risks to create new enterprises, and innovating to develop new products and production processes.
microeconomics the branch of economics that studies how people make decisions and how those decisions interact.
labor the effort of workers.
land all resources that come from nature, such as minerals, timber, and petroleum.
economic system organized way a society provides for the wants and needs of its people.
opportunity cost the real cost of an item: what you must give up in order to get it.
resource anything, such as land, labor, and capital, that can be used to produce something else; includes natural resources (from the physical environment) and human resources (labor, skill, intelligence).
scarcity the condition that results from society not having enough resources to produce all the things people would like to have.
economic growth an increase in the maximum amount of goods and services an economy can produce.
model a simplified representation of a real situation that is used to better understand real-life situations.
efficient describes a market or economy that takes all opportunities to make some people better off without making other people worse off.
production possibilities curve illustrates the trade-offs facing an economy that produces only two goods; shows the maximum quantity of one good that can be produced for each possible quantity of the other good produced.
Factors of Production resources required to produce the things we would like to have.
Marginal Analysis (cost-benefit analysis) making decisions based on the extra cost and extra benefit of a choice
Marginal Benefit or Utility the extra benefit or usefulness of one more unit of a good or service.
Marginal Cost the cost of producing one extra unit of a good or a service.
traditional economy The use of scarce resources stems from ritual, habit, or custom
command economy economic system characterized by a central authority that makes most of the major economic decisions
capitalism private citizens own and use the factors of production in order to generate profits.
mixed economy economic system that has some combination of traditional, command, and market economies.
Created by: fratrik
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