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Economics 1

TermDefinition
There is no such thing as a free lunch TINSTAAFL
economics study of how people seek to satisfy their needs and wants by making choices
goods physical objects
services actions or activities one person performs for another
scarcity there is not enough time, money, or resources to satisfy our every desire
shortage occurs when a producer will not or cannot offer goods or services at current prices
land, labor, capital, goods factors of production
capital any human-made resource that is used to create other goods or services
human capital the skills and knowledge gained by a worker through education and experience
entrepreneurs leader who combines land, labor, and capital to create and marker new goods or services
trade-off an alternative we sacrifice when we make a decision
"guns or butter" country must decide whether to produce more military or consumer goods
opportunity cost value of the next best alternative
economic system method used by a society to produce and distribute
what to produce? how to produce? who consumes? three economic questions
profit amount of money received in addition to expenses
market arrangement that allows buyers and sellers to exchange goods
specialization concentration of productive efforts on a limited number of activities
Adam Smith said everyone is out for their own self-interest
incentive expectation that encourages people to behave in a certain way
competition struggle among producers for the money of consumers
socialism social and political philosophy based on belief that wealth should be distributed evenly throughout a society
communism political system with all economic and political power resting in the hands of the central government
Vladimir Lenin started a revolution in Russia
laissez-faire government should not interfere in the economy/marketplace
Created by: pace_sauce
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