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Chapter 1
| Term | Definition |
|---|---|
| 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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