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Econ Chapter 1 Vocab

What Is Economics?

WordDefinition
Scarcity the condition that results from society not having enough resources to produce all the things that people want
Factors of Production resources required to produce the things we would like to have such as, LAND, LABOR, CAPITAL, and ENTREPRENEURS
Economics the study of how people try to satisfy what seems to be unlimited wants through relatively scarce resources
Want basic need related to survival
Financial Capital the money used to buy the tools and equipment used in production
Need basic requirement for survival like food, clothing, and shelter
Gross Domestic Product (GDP) dollar value of all final goods and services; comprehensive measure of total output
Good item that is economically useful or satisfies an economic want
Service work performed for someone
Economic Product goods/services that are useful, relatively scarce, and transferable
Consumer Good intended for final use by individuals
Capital Goods goods used to produce other goods and services
Standard of Living quality of life
Opportunity Cost cost of the next best alternative use of money, time, or resources
Value worth expressed in dollars and cents
Trade-off alternative choices
Utility capacity to be useful
Free Enterprise Economy businesses make the WHAT, HOW, and the FOR WHOM questions
Wealth economic sense, accumulation of the product's that are tangible, scarce, useful, and tangible
Market a location or other mechanism that allows buyers and sellers to exchange a certain economic product
Product Markets markets where producers sell their goods and services to customers
Factor Markets markets where productive resources are bought and sold
Created by: SEN10Rof2010
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