| Question |
Answer |
| this exists when demand is greater than the supply | scarcity |
| the study ow how individuals, families, business and societies use limited resources to fulfill thier unlimited wants. | Economics |
| resources needed to produce goods and services | factors of production |
| natural resources present without human intervention, such as land, water, fish, minerals... | land |
| the work people do | labor |
| activities done for a fee | services |
| tangible items that people buy | goods |
| manufactured goods used to make other goods and services, such as a taxicab. also, | capital (physical) |
| the ability to produce greater quantities of goods and services in better and faster ways. | productivity |
| the ability to start a new business, introduce new products and take risks to make a profit by utilizing the factors of production | entrepreneurship |
| the value of the next best alternative had to be given up to do the action that was chosen | opportunity cost |
| exchanging one thing for use of another | trade off |
| model used by economists so show the maximum combination of goods and services that can be produced from a fixed amount of resources in a given amount of time. Can help businesses determine what to produce | production possibility curve |
| simplified represenations of the real world | economic models |
| first step in using a hypothesis is to define the... | problem |
| an educated guess or prediction | hypothesis |
| temporary condition of not having enough resources | shortage |
| any use of land, labor or capital to produce goods more efficiently | technology |
| everything other than basic survival needs | want |
| when resources are not used efficiently; aka recession | underutilization |
| material well being of a person, group or nation | standard of living |
| the attempt to balance an economic policy so that everyone benefits equally | economic equity |
| the wise use of available resources so that costs do not exceed benefits | economic efficiency |
| economic systemin which the government minimizes its interference in the economy | laissez faire |
| money left after all costs have been paid (wages, taxes, bills...) | profit |
| desire to make money that motivates people to produce and sell goods | profit incentive |
| eco system where private individuals own the factors of production | capitalism/market economy |
| eco system combining characteristics of a command and a market economy (free enterprise with some gov't regulations) | mixed economy |
| eco system in which individuals own the factors of production (aka capitalism) | free enterprise system |
| eco system based on customs passed down | traditional economy |
| eco system in which the gov't owns all of the factors of production | command economy |
| way in which a nation uses its resoureces to satisfy it people's needs and wants | economic systems |
| graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources in a given periodof time | production possibilities curve |
| whatever is owned by an individual instead of the gov't | private property |
| rivalry among producers or sellers of similar products to win more business | competition |
Buen Viaje lv.2 ch 8
