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Economics
| Term | Definition |
|---|---|
| land | the non man-made materials (natural resources) used to make a product or provide a service. |
| labor | the skills, knowledge, time and energy of people involved in making a product or providing a service. |
| capital | man made items like tools and factories used to produce a good or service. |
| Factors of Production (F.O.P.) | The materials that people combine to make something that satisfies our wants or needs |
| wants | the desire or need for a product or service |
| production | the combination of the land,labor,and capital to make a good or provide a service. |
| distirbution | the act of making or service available to people. |
| consumption | the act of using a good. satisfaction may only be temporary |
| benefits | the positive aspects associated with a choice. |
| scarcity | the absence of something that results from the conflict between unlimited wants and limited resources |
| oppurtunity cost | the most important benefit that you give up because you choose sometjing else |
| traditional | everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards. |
| command | you have little say in economic decisions. You will do as you are told and you willlike it or else! The government or central authority controls the F.O.P. |
| Weakness of bartering | inconvient in today's economy |
| medium of exchange | it's what you give to get somethingelse. People accept it because they can use it for the same purpose |
| standard of value | people understand the comparative worth of an object or service when its price or the money |
| store of value | it can be reconized when you decide to keep it instead of spending it. You are storing it for use in the future |
| money is generally accepted | everyone is willing to take money in exchange for goods and services because they to will be able to use or save it |
| money is easily counted and measured | makes it easy to stablish prices, keep track of value, profits and losses. |
| money is durable | money last for a long time and is not easily destroyed. |
| money is convient |
Created by:
mickeyyymouseee
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