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Economics Chapter One

need something essential for survival
want something that people desire but that is not necessary for survival
goods the physical objects that someone produces
services the actions or activities that one person performs for another
scarcity whenever people are willing to pay any amount for something;the principle that limited amounts of goods and services are available to meet unlimited wants
economics the study of how people seek to satisfy their needs and wants by making choices
shortage a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
entrepreneur a person who decides how to combine resources to create goods and services
factors of production the resources that are used to make goods and services
land all natural resources used to produce goods and services
labor the effort people devote to tasks for which they are paid
capital any human-made resource that is used to produce other goods and services
physical capital machines,buildings,made to build something else: the human-made objects used to create other goods and services
"guns or butter" a phrase expressing the idea that a country that decides to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa
opportunity cost the most desirable alternative given up as the result of a decision:Best of your trade-offs, the best thing you gave up
thinking at the margin the process of deciding whether to do or use one additional unit of some resource
cost/benefit analysis a decision-making process in which you compare what you will sacrifice and gain by specific action
marginal cost the extra cost of adding one unit:how much cost to make one more
marginal benefit the extra benefit of adding one unit: what benefit of making one more
production possibilities curve a graph that shows alternative ways to use an economy's productive resources: the most possible amount that can be produces using the resources as efficient as possible
efficiency the use of resources in such a way as to maximize the output of goods and services
underutilization the use of fewer resources that an economy is capable of using
trade-offs giving up something for something else
law of increasing cost when you produce something in a bad environment/not using resources then the cost will go up to make it and then you need to improve it
Created by: sabrina.kizy



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