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lorenz economics 1
econ words
| Term | Definition |
|---|---|
| economics | study of the choices that people make to satisfy their needs and wants |
| economist | person who studies economic choices |
| microeconomics | study of the choices made by economic actors such as houseolds companies and individual markets |
| macroeconomics | examines the behavior of entire economies |
| consumers | the things that statisfy needs and wants |
| producers | people who make the things to statisfy needs and wants |
| goods | phsyical 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 goos and services |
| natural resources | items provided by nature that can be used to produce goos and to provide services |
| human resources | any human effort exerted during production |
| capital resources | manufactured materials use to creat products |
| capital goods | buildings structures machinery and tools used in the production process |
| consumer goods | the goods and services that people buy |
| technology | the use of technical knowledge and methods to create new products |
| entrepreneurship | combination of organizational abilities and risk taking involved in starting a new business |
| entrepreneur | a person who attempts to start a new business or introduce a new product |
| scarcity | the fact that natural or just resources in general are limited |
| allocate | distribute resources in order to satisfy the greates number of needs and wants |
| productivity | level of output htat results from a give level of input |
| efficiency | use of the smalles amount of resources to produce the greates amount of output |
| divison of labor | assigning a small nujmber of tasks to each worker |
| specialization | specialization of a single job |
| trade-off | one good is sacrificed for another good |
| opportunity cost | value of the next best alternative that is given up to obatain the prefered |
| produciont possibilites curve | shows all the possible combination of two goods or services |
| exchange | producers and consumers agree to provide one type of item in return for another |
| barter | were two producers come into an agreement to trade with each toher |
| money | any item that is readily accpeted by people in return for goods and services |
| credit | allows consumers to use items to use product before completely purchasing them |
| value | an amount of money or price |
| utility | usefulness to a person |
| self-sufficiency | when someone can fulfuill all of their needs without outside assistance |
| interdependence | the events or developments in one region of the world affect other economies |
Created by:
eddyg
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