Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ch. 1 econ
| Term | Definition |
|---|---|
| Economics | The study of choices people make to satisfy their needs and wants |
| Economist | Person who studies these economic choices |
| Microeconomics | Study of choices made by economic actors such as household companies and individual markets |
| Macroeconomics | Examines the behavior of entire economies |
| Consumers | The people who decide to buy things |
| Producers | People who make the things that satisfy consumers needs and wants |
| Goods | Are physical objects that can be purchased |
| Services | Actions or activities that can be 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 or services |
| Natural resources | Items that are provided by nature that can be use to provided goods and services |
| Human resources | Any human effort exerted during production |
| Capital resources | Manufactured materials use to create products |
| Capital goods | Building, structures, machinery, and tools used in the production process |
| Consumer goods | Finished products |
| Technology | Use of technical knowledge and methods to create new products or existing products more efficient |
| Entrepreneurship | The risk taking that is involved in starting a new business or a new product |
| Entrepreneur | A person who attempts to start a new business or product |
| Scarcity | Combinations of limited economic resources and unlimited wants |
| Allocate | Distribute resources to satisfy needs or wants |
| Productivity | The level of output that results from a given level of input |
| Efficiency | The use of the smallest amount of resources to produce the greatest amount of out |
| Division of labor | Assigning a small number of tasks to each worker |
| Specialization | The focus of a worker on only one or a few aspects of production in order to improve efficiency |
| Trade-off | One good is sacrificed for another |
| Opportunity cost | The value the next best alternative that is given up to obtain the preferred item |
| Production possibilities curve | Shows all of the possible combinations of two goods or services that can be produced within a stated time period, given two important assumptions |
| Exchange | Producers and consumers agree to provide one type of item in return for another |
| Barter | People exchange one set of goods for another |
| Money | Any item that is readily accepted by people in return for goods and services |
| Credit | Allows consumers to use items before completing payment for the merchandise |
| Value | That can be expressed as an amount of money, or price |
| Utility | Usefulness to a person |
| Self-sufficiency | When they can fulfill all of their needs without outside assistance |
| Interdependence | a relationship in which each member is mutually dependent on the others |
Created by:
simplyrosiie
Popular Economics sets