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Economics The study of how society chooses to use scarce resources to satisfy its unlimited wants.
Economist Someone who studies economic theory and applies it to the real world.
Microeconomics The study of a single factor of the economy rather than economy as a whole.
Macroeconomics The study of an entire economy or one of its principle sectors.
Consumers One who buys goods and services for personal use.
producers A person, group, or business that makes goods or provides services to satisfy consumers.
Goods An object or material that can be purchased to satisfy human wants and needs.
Resources Anything used to produce goods or services.
Services Any action or activity that is performed for a fee.
Factors of production A resource used to peoduce goods and services.
Natural resources In economics any material provided by nature that can be used to produce goods and provide services.
Human resources Any human activity mental or physical used in any production process.
Capital resources An item that is used in the production of other goods and services.
Capital goods A building, structure, machine or tool that is used to produce goods and services.
Consumer goods A finished product that is consumed by an individual.
Technology Scientific and technical techniques used to produce existing products more efficiently.
Entrepeneurship The organizational activities and risk taking involved in starting a new business
Entrepenuer Someone who undertakes and develops a new business.
Scarcity The fundamental condition of economics that results from the combination of limited resorces 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 from a given level of input.
Efficiency The production of goods and services using the smallest amount of resources for the greatest number of output.
Division of labor Division of a complex procedure into small tasks.
Specialization The focus of a worker on only one or a few aspects of production.
Trade off The sacrifice of one good in order to purchase or produce another.
Opportunity costs The value lost by rejecting one use of resources in favor of another.
Production possibilities curve A graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated 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 typically currency that is commonly accepted in exchange for goods.
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 purpose of exchange expressed as the amount of money that a consumer is willing to pay for service.
Utility The usefulness of a good or service that contributes to its value.
Self Suffiencecy The ability to fulfill all of ones needs without assistance.
Interdependence The relationship of a neutral reliance of influence among people.
Created by: baghdadassup
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