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Macro Econ Chaminade

Terms Pearson Chapter 2

scarcity A situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants at a zero price
Production Any activity that results in the conversion of resources into products that can be used in consumption.
Land The natural resources that are available from nature
Labor Productive contributions of humans who work
Physical capital All manufactured resources, including buildings, equipment, machines, and improvements to land that are used for production
Human Capital The accumulated training and education of workers
Entrepreneurship The component of human resources that performs the functions of raising capital
Goods All things from which individuals derive satisfaction or happiness
Economic goods Goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price
Services Mental or physical labor or help purchased by consumers.
Opportunity costs The highest-valued next-best alternative that must be sacrificed to obtain something or to satisfy a want.
Production Possibilities Curve (PPC) A curve representing all possible combinations of maximum outputs that could be produced assuming a fixed amount of productive resources of a given quality
Technology Society's pool of applied knowledge concerning how goods and services can be produced
Efficiency The case in which a given level of inputs is used to produce the maximum output possible.
Inefficient point Any point below the production possibilities curve. Unemployment
Law of Increasing additional cost The fact that the opportunity cost of additional units of a good generally increases as society attempts to produce more of that good.
Consumption The use of goods and services for personal satisfaction
Specialization The organization of economic activity so that what each person (or region) consumes is not identical to what that person (or region) produces.
Comparative advantage The ability to produce a good or service at a lower opportunity cost to other producers.
Absolute Advantage The ability to produce more units of a good or service using a given quantity of labor or resource inputs
Division of Labor The segregation of resources into different specific tasks. Ex. assembly line
Created by: bschlessy



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