Economics Vocab PH Ch 1
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| need | something that is necessary for survival (air, food, shelter)
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| want | an item that is wanted but not necessary for survival
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| economics | the study of how people seek to satisfy their needs and wants by making choices
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| goods | physical objects sucj as clothes or shoes
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| services | actions or activities that one person performs for another
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| scarcity | limited quantities of resources to meet unlimited wants
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| shortage | a situation in which a good or service is unavailable
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| factors of production | land, labor & capital; the 3 groups of resources that are used to make all goods and services
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| land | natural resources that are used to make goods and services
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| labor | the effort that people devote to a task for which they are paid
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| capital | any human-made resource that is used to create other goods and services
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| physical capital | all human-made goods that are used to produce other goods and services; tools and buildings
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| human capital | the skills and knowledge gained by a worker throught education and experience
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| entrepreneur | ambitious leader who combines land, labor and capital to create and market new goods and services
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| trade-off | an alternative that we sacrifice when we make a decision
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| guns or butter | a phrase that refers to the trade-offs that nations face when choosing whether to produce military or consumer goods
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| opportunity costs | the most desirable given up as a result of a decision
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| thinking at the margin | deciding whether to do or use one additional unit of some resource
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| production possibilities | a graph that shows alternative ways to use an economy's resources
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| production possibilities frontier | the line on a production possibilities graph that shows the maximum possible output
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| efficiency | using resources in such a way as to maximize the production of goods and services
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| underutilization | using fewer resources than an economy is capable of using
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| cost | to an economist, cost is the alternative that is given up because of a decision
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| law of increasing costs | as we shift factors of production from making one good or service to another, the cost of producing the second item increases
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Or sort by any of the columns using the down arrow next to any column heading.
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