the study of choices that people make to satisfy their needs and wants.

a person who studies these economic choices.

the study of the choices made by economic actors.

examines the behavior of the entire economies.

the people who decide to buy things

the poeple who make the things that satisfy consumers needs and wants.

physical objects that can be purchased.

actions or activities that are performed for a fee.

anything that poeple use to make or obtain what they need or want.

Factors of Production

resources that can be used to produce goods and services.

items provided by nature that can be used to produce goods and provide services.

any human effort exerted during production.

the manufacture materials used to create products.

are buildings, structures, machinary, and tools used in the production process.

the goods and service you could buy.

the use of technology and the goods to create new products or make exsisting products more efficiently.

the combination of organization abilities and risk taking involves in a starting new business or introducing a new product.

a person who attempts to start a new business or introduce a new product.

a combination of limited economic resources and unlimited wants.

people who decide how to distribute, resources in order to satisfy the greatest number of needs and wants.

the level of output of results from a given level of input.

the use of the smallest amount of resources to produce the greatest amount of output.

a signing small number of task to make each worker.

allows you to employ, to work faster, and to produce a greater number of alarm clocks.

one good is sacrificed for another.

the value of the next best alternative that is given up to obtain the preferred item.

Production Possibilities Curve

shows all of the possibke combinations of two goods or services that can be produced within a stated period, given two important assumptions.

in which producers and consimers agree to provide one type of item in return for another.

is any item that is readily accepted by people in return for goods and services.

people exchange one set of goods for another.

can be expressed as an amount of money or price.

when can fulfill all of their needs without outside assistance.

events or development in one region of the world or sector of the economy influence events or developments in other regions or sectors.

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Econ1

economics vocab

Term	Definition
Economics	the study of choices that people make to satisfy their needs and wants.
Economist	a person who studies these economic choices.
Microeconomics	the study of the choices made by economic actors.
Macroeconomics	examines the behavior of the entire economies.
Consumers	the people who decide to buy things
Producers	the poeple who make the things that satisfy consumers needs and wants.
Goods	physical objects that can be purchased.
Services	actions or activities that are performed for a fee.
Resources	anything that poeple 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 by nature that can be used to produce goods and provide services.
Human Resources	any human effort exerted during production.
Capital Resources	the manufacture materials used to create products.
Capital Goods	are buildings, structures, machinary, and tools used in the production process.
Consumer Goods	the goods and service you could buy.
Technology	the use of technology and the goods to create new products or make exsisting products more efficiently.
Entrepenuership	the combination of organization abilities and risk taking involves in a starting new business or introducing a new product.
Entrepenuer	a person who attempts to start a new business or introduce a new product.
Scarcity	a combination of limited economic resources and unlimited wants.
Allocate	people who decide how to distribute, resources in order to satisfy the greatest number of needs and wants.
Productivity	the level of output of results from a given level of input.
Efficiency	the use of the smallest amount of resources to produce the greatest amount of output.
Division of Labor	a signing small number of task to make each worker.
Specialization	allows you to employ, to work faster, and to produce a greater number of alarm clocks.
Trade-Off	one good is sacrificed for another.
Oppourtunity Costs	the value of the next best alternative that is given up to obtain the preferred item.
Production Possibilities Curve	shows all of the possibke combinations of two goods or services that can be produced within a stated period, given two important assumptions.
Exchange	in which producers and consimers agree to provide one type of item in return for another.
Money	is any item that is readily accepted by people in return for goods and services.
Barter	people exchange one set of goods for another.
Credit	a third form of exchange
Value	can be expressed as an amount of money or price.
Utility	usefulness to a person
Self Sufficiency	when can fulfill all of their needs without outside assistance.
Interdependence	events or development in one region of the world or sector of the economy influence events or developments in other regions or sectors.

Created by: shariana12

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