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Econ sec 1
| Term | Definition |
|---|---|
| economics | the study of choices people make to satisfy their needs and wants |
| microeconomics | the study of choices made by economic actors such as households, companys, and individual markets |
| macroeconomics | the study of the behavior of entire economies |
| consumers | people who buy things |
| producers | people who make things that satisfy needs |
| goods | physical objects that can be purchased |
| services | actions thaat perform a fee |
| resource | anything used to make or attain what people want |
| factors of production | natural resources, human resources, capital resources, and entrepreneurship |
| natural resources | items provided by nature used to produce goods |
| human resources | any human effort exerted during production |
| capital resources | many factured materials used to create products |
| capital goods | structures and tools used in a production process |
| consumer goods | the goods and services that people buy |
| technology | the use of technical knowledge to create products |
| entrepreneurship | the combination of organization and risk taking when introducing a new product |
| entrepreneur | a person who attempts to introduce a new product |
| scarcirty | most basic problem of economics |
| allocate | to distribute resources 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 output |
| division of labor | assigning a small number of tasks to each worker |
| specialization | the focus on one activity |
| trade-off | when 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 | 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 | a process in which producers and consumers agree to provide one type of item in return for another |
| barter | people exchange one set of goods for another. relies on bargaining |
| money | any item that is readily accepted by people in return for goods and services |
| credit | a form of exchange that allows consumers to use items before completing payment for the merchandise |
| value | amount of money or price |
| utility | usefukness to a person |
| self-sufficiency | when someone can fulfill all of their needs without outside assistance |
| interindependence | reliance among economic actors |
Created by:
econ123
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