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Chapter 1

Economics A social science dealing with how best to allocate scarce resources to satisfy unlimited wants.
Microeconomics Individual decision-making units such as firms.
Microeconomics Broad economic aggregates rather than individuals units.
Positive approach Deals with the way things are.
Normative approach The way things should be.
Scarcity The key economic problem (Everything that exist is limited)
Four categories of resources labor-workers land-natural resources capital-tools and factories entrepreneurship-Those willing to develop new products or techniques.
Opportunity cost Choosing a particular action as the highest valued alternative
Human Resources/Capital Health, education, experience, training, skills and values of people
Goods Tangible objects that satisfy economic wants
Services Activities performed by someone to satisfy economic want
Trade-off Giving up one benefit in order to gain something more desirable
Productivity The amount of output produced per unit of input used.
Choice Decision made or course of action taken when faced with a set of alternatives.
Products Something manufactured or refined for sale.
Production The act or process of manufacturing or refining something.
Cost The effort, loss or sacrifice necessary to achieve or obtain something.
Specialization Producing a lower range of goods and services than they consume.
Consumers People who use goods and services to satisfy personal needs.
Producers People and firms that use resources to make goods and services.
Supply The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given time.
Demand The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
Utility An abstract measure of the satisfaction consumers derive form consuming goods and services.
Benefit Monetary or non monetary gain recieved because of an action taken or a decision made.
Decision Making Reaching a conclusion after consider alternatives and their results.
Incentive Any reward such as money that motivates people to do something .
Created by: Princessnae



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