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Vocab
| Term | Definition |
|---|---|
| economics | study of the choices that people make to satisfy their needs and wants |
| economist | a person who studies economic choices |
| microeconomics | study of the choices made by economic actors such as households, companies, and individual markets. |
| macroeconomics | examines the bahavior of entire econimies |
| consumers | people who decide to buy things |
| producers | peopl who make the things that satisfy consumers needs and wants. |
| goods | physical objects that can be purchased |
| Resource | Anything that people used to make or obtain what they need or want |
| Factors of production | resources that can be used to produce goods and services |
| natural resources | items provied by nature to produce goods and provide services |
| human resource | any human effort exerted during production |
| capital resourse | buildings, structures, machinery, and tools used during production process |
| consumer goods | finished products that people buy |
| technology | the use of technical knowledge and methods to create new products more efficiently |
| entrepreneurship | organized and risk taken abilities in starting a new bussiness |
| entreprenuer | a person who attempts to start a new bussiness or introduce a new product; risking financial failure for possible financial gain |
| allocate | to distribute, resource in order to satisfy the greatest number of needs and wants. |
| scarcity | combination of limited economic resources and unlimited wants |
| productivity | level of output that results from a given level of input |
| efficiency | use of the smallest amount of resourse to produce the greatest amount of output |
| division of labor | assigning a small number of task for each worker |
| speacialization | workers gaining expertise in their assigned tasks |
| trade-off | one good sacrificed for another |
| opportunity cost | value lost by rejecting one use of resource in favor of another |
| production possibilities curve | shows all the possible combinations of two goods or services thatcan 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 |
| money | item readily accepted by people in return for goods and services |
| credit | allows consumers to use items with the promise of repayment overtime |
| value | an amount of money or price |
| utility | a products usefulness for a person |
| self-sufficiency | when people fulfill all their needs without outside assistance |
| interdependence | events or developments in one region of the world or sector of the economy influence sectors |
Created by:
bigg daddy
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