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Econ Ch. 1
| Term | Definition |
|---|---|
| Economics | the study of choices people make to satify their needs & wants |
| Economist | person who studies economic choices |
| Microeconomics | study of the choices made by ecnomic actors such as households, companies, & individual markets |
| Macroeconomics | examines the behavior of entire economies like unemployment in the U.S. |
| Consumers | the 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 activites that are performed 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 by nature that can be used to produce goods and to provide services |
| Human Resource | any human effort exerted during production |
| Capital Resources | manufactured materials used to create products |
| Capital Goods | building structures, machinery and tools used in the production process |
| Consumer Goods | finished products-the goods and services that people buy |
| Technology | is the use of technical knowledge and methods to create new products or making existing products more efficiently |
| Entrepreneurship | combinition of organization, abilites and risks taking involved in starting a new business or introducing a new product |
| Entrepreneur | a person who attempts to start a new business or introduce a new product, willing to take risks |
| Scarcity | condition resulted from the limitations on resources and inlimited wants |
| Allocate | distribute resources in order to satisfy the greatest number of needs and wants |
| Productivity | thte level of output that 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 | assigning a small number of tasks to each worker |
| Specialization | workers gain expertise in their assigned task |
| Trade-off | the sacrifice of one good in order to purchase or produce 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 conbinations of two goods or services that can be produced within a stated time period given to important assumptions |
| Exchange | producer and consumers agree to provide one type of item for another |
| Barter | people exchange on set of good for another |
| Money | an item that is readily accepted by people in return for goods and services |
| Credit | allows consumers to consume items before completing payment for the merchandise |
| Value | can be expressed as an amount of money or a price |
| Utility | the usefullness of a good or service that contributes to its value |
| Self-Sufficiency | when they can fulfil all of thier needs without outside assistance |
| Interdependece | events of developments in one region of the world or sector of the economy influence event or developments in other regions of sectors |
Created by:
CocoLoko
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