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Econ Vocab 1
Vocab
| Term | Definition |
|---|---|
| Consumer goods | A finished project that is consumed by an individual |
| Technology | Scientific and techcnical techniques used to Produce exsisting products more effectively or of higher quality |
| Entrepreneurship | The organizational abilities and risk taking involved in starting a new business or introducing a new product to consumers |
| Entrepreneur | Someone who undertakes and developes a new business enterprise or develops a new product, risking failure or loss for the possibility of financial gain |
| Efficiency | The production of goods and services using the smallest amount of resources for the greatest amount of output |
| Division of labor | The division of a complex procedure into small tasks enabling workers to increase output through specialization |
| Specialization | The focus of a worker on only one or a few aspects of production in order to improve efficiency |
| Interdependence | The relationship of mutual reliance and ifluence among people businesses industries regions and nations |
| Economics | The study of the choices that people make to satisfy their needs and wants |
| Economist | The person who studies these ecnomic choices |
| Microeconomics | The study of the choices made by economic actors such as households companies and individual markets |
| Macroeconomics | Examines the behavior of entire economics |
| Consumers | The people who decide to buy things |
| Producers | The people who make things to satisfy consumers needs and wants |
| Goods | Physical objects that can be purchased |
| Services | Actions or activities that are performed for a fee |
| Resources | Anything that people use to make or obtain what they need or want |
| Factors of production | Resources that can be used to produce goods and services |
| Natural resources | Items provided by nature that can be used to produce goods and to provide services |
| Human resource | Any human effort exerted during production |
| Captial resource | The manufactured materials used to create products |
| Capital goods | The buildings,structures,machinery, and tools used in the production process |
| Scarity | The fundamental condition of economics that results from the combination of limited resources and unlimited wants |
| Allocate | To distribute scarce resources in order to satisfy the greatest number of needs and wants |
| Productivity | The level of output that results froma given level of input |
| Trade off | The sacrifice of one good in order to purchase or produce another |
| Opportunity cost | The value lost by rejecting one use of resources in favor of another |
| Production Possibilities Curve | Shows all of the possible combinations of two goods or services that can produced within a stated time period |
| Exchange | The process by which producers and consumers agree to provide one type of item in return for another |
| Barter | The direct exchange of goods and services without the use of money |
| Money | Any item that is readily accepted by people in return for goods and services |
| Credit | A form of exchange that allows consumers to use items with a promise of repayment over a specified time |
| Value | The worth of a good or service for the purposes of exchange expressed as the amount of money that a consumer that is willing to pay for a good or service |
| Utility | The usefulness of a good or service that contributes for its value |
| Self-sufficiency | The ability to fufil all of ones need without assistence |
Created by:
econclass
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