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Chapter 18 and 19

Economics Study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
Microeconomics economic behavior and decisions making by individuals and small businesses
Macroeconomics economic behavior and decisions making by government or whole industries or societies
Economic System Nations way of producing things its people want and need
Resource the money, people, and materials available to accomplish a community goals
Scarcity not having enough resources to produce all of things we would like to have
Trade-off the alternative you face if you decide to do one thing rather than another
opportunity Cost cost of the next best alternative use of time and money when choosing to do one thing rather then another.
Marginal Cost the additional of extra opportunity associated with an action
Marginal Benefit the additional of extra benefit associated with an action
Cost-Benefit Analysis economic model that compares the marginal costs and marginal benefits of a decision
Services work performed by a person for someone else
Factors of Production Resources necessary to produce goods and services
Capital previously manufactured goods used to make other goods and services
GDP total dollar value of all final goods and services produced in a country during a single year
Standard of living Material well being of an individual group or nation measured by how well their necessities and luxuries are satisfied
Market free and willing exchange of goods and services between buyers and sellers
Factor market A market where productive resources are bought and sold
Product Market a market where producers offer goods and services for sale
Productivity the degree to which resources are being used efficiently to produce goods and services
Specialization when people, businesses, regions, and or nations concentrate on goods and services that they can produce better than anyone else
Economic Interdependence a reliance on others as they rely on you to provide goods and services to be consumed
Capitalism a system in which private citizens own most if not all of the means of production and decide how to use them within legislated limits
Free Enterprise economic system in which individuals and business are allowed to complete for profit with a minimum of government interference
Consumer Sovereignty the role of consumer as the ruler of the market, determining what products will be produced
Private Property Rights the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others
Profit Motive the driving force that encourages individuals and organizations to improve their material well being
voluntary Exchange the act of buyers and sellers freely and willingly engaging in market transactions
Laissez-Faire Economics economic system where government should not interfere in the marketplace
Created by: olivialocklear