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Econ 1

Definitions for first test Keely Spugnardi

TermDefinition
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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