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Basic Econ Concepts

TermDefinition
Scarcity the demand for a good or service is greater than the availability of the good or service.
Economics the study of choice, given the scarcity of time and money
Marginal Benefit the additional benefit arising from “one more”
Marginal Cost the additional cost arising from “one more”
Cost the monetary value of goods and services that producers and consumers purchase
Benefit an advantage or profit gained from something. (Note: An economic benefit is any benefit that we can quantify in terms of the money that it generates.)
Opportunity Cost the value of the next-highest-valued alternative use of that resource. Ex: you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
4 Factors of Production Land, Labor, Capital and Entrepreneurship
3 Economic Questions What will be produced? How will it be produced? How will the output society produces be distributed?
tangible Able to be felt by touch. For example, a book is tangible: you can touch and feel it.
intangible Not able to be felt by touch. For example, an economics lecture is intangible.
goods Anything that satisfies a person’s wants or brings satisfaction; also, tangible products.
utility The quality of bringing satisfaction or happiness.
services Tasks that people pay others to perform for them.
land All the natural resources found in nature. An acre of land, mineral deposits, and water in a stream are all considered land.
labor The physical AND mental talents that people contribute to the production of goods and services.
capital Produced goods that can be used as resources for further production. Such things as factories, machines, tools and farm tractors are capital.
entreprenuership The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
Created by: scotts.moore
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