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Econ Ch 1 Key Terms

Key terms for Chapter 1 in Mr. Sal's Econ class,

QuestionAnswer
There is never enough resources to satisfy needs Scarcity
Inputs used to produce goods and services Productive Resources
How people buy and sell things economics
Human efforts, both physical and mental, used to produce goods and services human resources
Normally considered physical effort labor
Someone who risks capital to improve an existing item or make a new one entreprenuer
"Gifts of nature" natural resources
Resources that can be replentished in our lifetime renewable resources
Resources that cannot be replentished in our lifetime exhaustible resources
Man-made goods capital goods
Any item you can see, feel, and possiby touch goods
Something done for someone service
Simplification of economic reality or systems economic theory
Limits variables used in economic theory other things constant assumption
Human factors that go into economic decisions behavioral assumptions
Beleif that individuals do what is best for themselves rational self interest
An economic fact positive economic statements
An economic opinion normative economic statements
an additional item marginal
Focus on individuals in economics market economics (microeconomics)
Focus on entire economic systems national economics (macroeconomics)
Location, physical or virtual, where and how buyers and sellers conduct transactions market
What you give up when you choose another option, must be realistic opportunity cost
resources already used that cannot be reclaimed sunk cost
Created by: dsalvucci
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