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econ. chapter 1
Vocabulary
| Term | Definition |
|---|---|
| Wants | desire that can be satisfied by consuming a good or service |
| needs | things such as food,cloting and shelter that are neccessary for survival |
| sacrcity | situation that exists when there are not enoufh resources to meet human wants |
| economics | study of how individuals and societies sarisfy their unlimited supply of wants |
| goods | physical objects that can be purchased |
| services | work that one person does for another person |
| consumer | a person who buys goods or services for perosnal use |
| producer | the person who makes the goods or services |
| factors of production | the economic resources needed to produce the goods |
| land | all the natural resources on or under the ground that are used to produece the goods and services |
| labor | all the human efforts and talent used to produce the good and services |
| capital | all the resources people make and use to produce and distribute goods and services |
| entreprenurships | the combinations of vision, skill and ingenuty and also willingness to a run a buisness |
| incentives | benefit offered to encourage people to act in a certain way |
| utility | benefit or satisfaction gained from using a good and service |
| economize | to make decisions according what is believed to best combonation and benefit |
| trade off | alternative someone gives up when making an economic choice |
| opportunity cost | value of something that is given up by choosing one alternative for another |
| cost benefit analysis | practice of examining the money and the expected benefits of choice aiddecision |
| marginal cost | additional money of producing or using one more unit of good and services |
| marginal benefit | benefit or satisfaction gained |
| economic model | simplified representation of complex economic activities, systems or problems |
| production possible curve | graph used to illistruate the impact of scarcity on an ecomnomic by showing the higher the lower amount of goods |
| efficiency | the condition in which economic resources are being produced higher number of goods and serivices |
| underutilization | condition in which ecnomic resource arent be used |
| law of increasing opportunity cost | states that a production switched from one production to another, increasingly more resources are needed to increasing the production of the secodn production |
| statics | numerical data or information to see patterns of behaivors |
| microeconomics | study of one persons behaivor in an economy |
| macroeconomics | study of multiple behaivors in an economy |
| positive economics | way of describing and explaining economics as it is not as it should be |
| normative econiomics | describing and explaining behaivor shouldnt be |
Created by:
emilyy_ann07
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