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scarcity not having enough resources to produce all of the things people would like to have
economics the study of how people try to satisfy their wants through the use of scarce resources
Three basic economic questions What to produce?How to produce?For Whom to produce?
factors of production resources required to produce the things we would like to have. (land, capital, labor, and entrepreneurs)
land "gifts of nature" or, natural resources not created by man
capital the tools, equipment, machinery, and factories used to produce goods and services.
labor people with all their efforts, abilities, and skills
entrepreneur a risk-taker in search of profits who does something new with existing resources
production the process of creating goods and services
Gross Domestic Product (GDP) the dollar value of all final goods and services produced within a country's borders in a 12 month period
a good an item that is economically useful or satisfies an economic want, such as a book, car, or dvd player
service work that is performed for someone
value worth that can be expressed in dollars and cents
utility the capacity to be useful and provide satisfaction
market a location that allows buyers and sellers to exchange a certain economic product
factor markets markets where productive resources are bought and sold
product markets markets where producers sell their goods and services to consumers
economic interdependence we rely on others, and others rely on us, to provide the goods and services that we consume
trade-offs alternative choices
opportunity cost the cost of the next best alternative use of money, time, or resources when one choice is made over another
cost-benefit analysis a way of thinking about a problem that compares the costs of an action to the benefits received
Created by: Zagerr