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Economics

chapter 18 19 vocabulary gs

TermDefinition
Needs requirements for survival, such as food, clothing, and shelter
Wants things we would like to have, such as entertainment, vacations, and items that make life comfortable and enjoyable
Scarcity not having enough resources to produce all of the things we would like to have
Economic models simplified representation of the real world that economists develop to describe how the economy behaves and is expected to perform in the future
Communism economic system in which the central government directs all major economic decisions
Socialism economic system in which government owns some factors of production and distributes the products and wages
Capitalism a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits
Free enterprise economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
Trade-off the alternative you face if you decide to do one thing rather than another
Opportunity cost the cost of the next best use of time and money when choosing to do one thing or another
Marginal cost the additional or extra opportunity cost associated with an action
Marginal benefit the additional or extra benefit associated with an action
Market economy system in which individuals own the factors of production and make economic decisions through free interaction
Incentives reward offered to try to persuade people to take certain economic actions
Economic output includes goods and services
Goods tangible products that we use to satisfy our wants and needs
Services work performed by a person or someone else
Factors of production resources necessary to produce goods and services
Natural resources gifts of nature that make production possible
Labor human effort directed toward producing goods and services
Capital previously manufactured goods used to make other goods and services
Entrepreneurs individuals who start businesses, introduce new products, and improve management techniques
Standard of living the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
GDP (Gross Domestic Product) - the total value of goods produced in a country
Factor market a market where productive resources are bought and sold; consumer market
Product market a market where producers offer goods and services for sale; business market
Productivity the degree to which resources are being used efficiently to produce goods and services; measure of output produced by a given amount of input
Specialization when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
Division of labor the breaking down of a job into separate, smaller tasks to be performed individually
Private property rights the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others
Competition the struggle that goes on between buyers and sellers to get the best products at the lowest prices
Profit the money a business receives for its products or services over and above its costs
laissez-faire to let alone; government should not interfere with the marketplace
Adam Smith economist and philosopher best known for his work, The Wealth of Nations, that describes the basic principles of economics
Created by: gylessmith
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