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chapter 1
vocab words
| Term | Definition |
|---|---|
| economics | study of the choices that people make to satisfy their needs and wants |
| economist | a person who studies these economic choices |
| microeconomics | study of the choices made by economic actors such as households, companies and individual markets |
| macroeconomics | the behavior of entire economies |
| consumers | people who decide to buy things |
| producers | the people who make the things that satisfy consumers needs and wants |
| goods | physical objects that can be purchased |
| services | actions or activities that are preformed for a fee |
| resources | antyhing that people use to make or obtain what they need or want |
| factors of production | resourses that can be used to produce goods and services |
| natural resourses | item provided by nature that can be used to produced goods to provide services |
| human resourses | any human effort exerted during production |
| capital resources | manufacture materials used to create products |
| capital goods | the building, structures, machinary, and tools used in the production process |
| consumer goods | good and services that people buy |
| technology | the use of technical knowledge and methods to create new producats or make existing producats more efficiently |
| enterprenuership | the combination of organizational abilities and risk taking involve in starting a new business or introducing a new product |
| enterprenuer | a person who attempts to start a new business or introduce a new product |
| scarcity | combination of limited economic resources and unlimited wants |
| allocate | distribue resourses 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 use of the smallest amount of resourses to produce the greatest amount of output |
| division of labor | a signing a small number of tasks to each worker |
| specialization | allows each emloyee to work faster and to produce the greater number |
| trade-off | one good is sacrificed for another |
| opportunity cost | the value of the next best alternative that is given up to obtain the preferred item |
| production possibilities curve | all of the possible combinations of two goods or services that can produce within a stated time period given to important asumptions |
| exchange | producers and consumers agree to provide one type of item in return for another |
| barter | people exchange one set of good 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 | expressed as in amount of money or price |
| utility | value is determined by degree to which a product has usefulness to a person |
| self-sufficiency | they can fufuill al their needs without outside assistance |
| interdependence | event or development in one region of the world or sector of the econonmy influence events or deveoplments in other regions or other sectors |
Created by:
marisaraquell
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