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econ vocab
vocabulary
| Term | Definition |
|---|---|
| Consumer goods | THE GOODS AND SERVICES THAT PEOPLE BY |
| Technology | the use of technical knowledge and methods to create new products or making existing products more efficiently |
| Entreprenurship | the combination of organization abilities and risk taking involved in starting a new business or introducing a new product |
| Entreprenur | a person who attempts to start a new business or new product |
| productivity | level of output that results from a given level of imput |
| efficency | the use of the smallest amout of resources to produce the greatest amount of output |
| division of labor | assigning a small number of tasks to each worker |
| trade-off | when one good is sacraficed for another |
| Oppertunity cost | THE VALUE OF THE NEXT BEST ALTERNATIVE THAT IS GIVEN UP TO OBTAIN THE PREFERED ITEM. |
| Economics | Study of choices that people make to satisfy their needs and wants` |
| Economist | a person who studies these economic choices |
| Macroeconomics | Examines the behavior of entire economies |
| Microeconomics | study of the chocies made by economic actors such as households, companies, and individual markets |
| Consumers | people who decide to buy things |
| Producers | 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 |
| resource | anything that people use 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 provided my nature that can be used to produce good and to provide services |
| Human resource | any human effort exerted during production |
| capital resources | manufactured materials used to create products |
| capital goods | tools used in prouduction process(ex:building) |
| scarcity | unlimited wants with limited resources |
| allocate | distribute resources in order to satisfy the greates number of needs or wants |
| specialization | focus on one activity |
| production possibilities curve | shows all of the possible combinations of two goods or services that can be produced with in a stated time period given two important assumptions |
| exchange | producers and consumers who agree to provide one type of item in return for another |
| barter | direct trade |
| money | standerdized means of exchange |
| credit | allows consumers to use items before completing payment for an item over a specified period of time |
| value | amount of money or price |
| utility | usefulness to a person |
| self-suffciency | fulfill needs without outside assitance |
| interdependence | events or developments in one region or sector of the economy influence events or developments in other regions or sectors |
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