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Chapter 1 Word
an economic way of thinking
| Term | Definition |
|---|---|
| economics | the study of choices people make. |
| economist | a person who studies economic choices. |
| microeconomics | the study of choices made by economic actors, such as households and companies. |
| macroeconomics | examines the behavior of entire economies. |
| consumers | the people who decide to buy things. |
| producers | the people who make the things that satisfy consumers needs and wants. |
| resource | is anything that 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. |
| goods | phisical objects that can be purchased. |
| services | actions or activities that are preformed for a fee. |
| natural resources | items provided by nature. |
| Human resources | any human effort exerted during production. |
| Capital resources | the manufactured materials used to creat products. |
| Capital goods | buildings, structures, machinery and tools used in production. |
| Cosumer goods | the goods and serveces that people buy. |
| Technology | the use of technical knowledge and methods to ceat new products or make existieng products morre efficient. |
| Entrepreneurship | combination of organizational abilities and risk takig involved in startig a new buissness o introducing a new product. |
| Entrepreneur | a person who atempts to start a new buissness or introduce a new product. |
| Scarcity | Combination of limited economic resources and unlimited wants |
| Allocate | Distribute |
| Producttivity | The level of output that results from a given level of imput. |
| Efficientcy | The use of the smallest amout of resources to produce the greatest amount of output. |
| Division of labor | Assigning a small of a task to each worker. |
| Specialization | The focous on one activity. |
| Trade off | One good is sacraficed for another. |
| Opportunity cost | The value the next best alternative that is given up to obtain the perfered item |
| Poductionpossibilitiescurve | Shows all of the possible combinations of two goods or serveces. |
| Exchange | Producers and consumers agree to provide one type of item in return for another. |
| Barter | Direct trade. |
| Money | Any item that is readily excepted by people in return for goods and servuces. |
| Credit | A third form of exchange. |
| Value | Somthing that can be exspressed as an amount of money or price. |
| Utillity | Usefulness to a person. |
| Self efficientcy | People or societies that can fulfill all the needs without outside assistance. |
Created by:
JonnyRockets
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