desires that can be satisfied by consuming a good or service

things such as food, clothing, & shelter that are necessary for survival

situation that exists when there are not enough resources to meet human wants

study of how individuals & societies satisfy their unlimited wants with limited resources

physical objects such as clothing, food, and furniture that can be purchased

work that one person does for another for payment

person who buys goods or services for personal use

person who makes goods or provides services

Factors of Production

economic resources needed to produce goods & services

all natural resources on or under the ground that are used to produce goods & services

all the human time, effort, & talent used to produce goods and services

all resources people make and use to produce and distribute goods and services

combonation of vision, skill, ingenuity, and willingness to take risks that is needed to create and run a new business

benefit offered to encourage people to act in a certain way

benefit or satisfaction gained from using a good or service

to make decisions according to what is believed to be the best combonation of costs and benefits

alternative someone gives up when making an economic choice

value of something that is given up by choosing one alternative over another

Cost-Benefit Analysis

Practice of examing the costs and expected benefits of a choice as an aid to decision making

additional cost of producing or using one or more unit of a good or service

benefit or satifaction gained from using one or more unit of a good or service

a simplified representation of economic activites, systems, or problems

Production Possible Curve

graph used to illustrate the impact of scarcity on an economy

condition in which economic resources are used to produce the maximum amount of goods and services

condition in which economic resources are not being used to their full potential, resulting in fewer goods and services

Law of Incresing Oppourtunity Costs

States that as production switches from one production to another, increasingly more resources are needed to increase the production of the second product, which causes oppurtunity costs to rise

study of the behavior of indiviual players- such as individuals and families- in an ecomy

study of behavior of ecomony as a whole

way of describing & explaining economics as it is

way of describing & explaing what economics should be

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Econ 1

Definitions for first test Keely Spugnardi

Term	Definition
Wants	desires that can be satisfied by consuming a good or service
Needs	things such as food, clothing, & shelter that are necessary for survival
Scarcity	situation that exists when there are not enough resources to meet human wants
Economics	study of how individuals & societies satisfy their unlimited wants with limited resources
Goods	physical objects such as clothing, food, and furniture that can be purchased
Services	work that one person does for another for payment
Consumer	person who buys goods or services for personal use
Producer	person who makes goods or provides services
Factors of Production	economic resources needed to produce goods & services
Land	all natural resources on or under the ground that are used to produce goods & services
Labor	all the human time, effort, & talent used to produce goods and services
Capital	all resources people make and use to produce and distribute goods and services
Entrepreneurships	combonation of vision, skill, ingenuity, and willingness to take risks that is needed to create and run a new business
Incentives	benefit offered to encourage people to act in a certain way
Utility	benefit or satisfaction gained from using a good or service
Economize	to make decisions according to what is believed to be the best combonation of costs and benefits
Trade-Off	alternative someone gives up when making an economic choice
Opportunity Cost	value of something that is given up by choosing one alternative over another
Cost-Benefit Analysis	Practice of examing the costs and expected benefits of a choice as an aid to decision making
Marginal Cost	additional cost of producing or using one or more unit of a good or service
Marginal Benefit	benefit or satifaction gained from using one or more unit of a good or service
Economic Model	a simplified representation of economic activites, systems, or problems
Production Possible Curve	graph used to illustrate the impact of scarcity on an economy
Efficiency	condition in which economic resources are used to produce the maximum amount of goods and services
Underutilization	condition in which economic resources are not being used to their full potential, resulting in fewer goods and services
Law of Incresing Oppourtunity Costs	States that as production switches from one production to another, increasingly more resources are needed to increase the production of the second product, which causes oppurtunity costs to rise
Statistics	numerical data
Microeconomics	study of the behavior of indiviual players- such as individuals and families- in an ecomy
Macroeconmics	study of behavior of ecomony as a whole
Positive Economics	way of describing & explaining economics as it is
Normative Economics	way of describing & explaing what economics should be

Created by: KSpugnardi

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