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Economics
vocab
| Term | Definition |
|---|---|
| economics | the study of how society chooses to use scarce resources to satisfy its unlimited wants and needs |
| economist | someone who studies economic theory and applies it to real world |
| microeconomics | the study of a single factor of an economy such as individuals, households, businesses and industries rather than an economy as a whole |
| macroeconomics | the study of an entire economy are one of its principle sectors |
| consumers | one who buys goods or services for personal use rather than for resale or use in production or manufacturing |
| producers | a person, a group, or business that makes goods or provides services to satisfy consumers' needs and wants |
| goods | an object or material that can be purchased to satisfy human wants or needs |
| services | any action or activity that is performed for a fee |
| resources | anything used to produce goods or services |
| factors of production | a resource used to produce goods and services |
| natural resources | in economics any material provided by nature that can be used to produce goods or provide services |
| human resources | any human activity mental or physical used in the 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 or services |
| consumer goods | a finished product that is consumed by an individual |
| technology | scientific and technical techniques used to produce existing products more efficiently 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 develops a new business entewrprise or develops a new product risking failure or loss for the possibility of financial aid |
| scarcity | the fundemental condition of economics that results from the combination of limited resources and unlimited wants |
| allocate | to distribute scarce resources such as money, land, equipment, or labor 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 amount of output |
| devision 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 asspects of production in order to improve efficiency |
| trade-off | the sacrafice 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. In other words, an actions, opportunity costs is a value of the next best alternative action that is not taken. |
| production possabillities curve | the graphic representation showing all of the possible combonations of two goods or services that can be produced in a stated period, assuming that the amount of avaliable resources and technology will not change during the period and that all of the natu |
| 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 and exchanged for goods, services or the settling of debts |
| credit | a form of exchange that allows consumers to use items with a promise of repayment over a secified time |
| value | the worth of a good or service for the purposes of exchange expressed as the amount of money that a consumer is willing to pay for a good or service |
| utility | the usefullness of a good or service that contributes to its value |
| self-sufficiency | the ability to fulfil all of ones needs without assistance |
| interdependance | the relationship of nutral reliance and infleunce among people, businesses, industries, regions and nations |
Created by:
econwestside
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