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Econ Vocab 1

Your first quiz

Scarcity A basic condition that exists when unlimited wants exceed limited productive resources
Factors of Production Land(natural),Labor(human),Capital(capital goods),and Entrepreneurship
Shortage When(where) you need more goods but do not have enough
Opportunity Cost The next best alternative given up when one is confronted with scarcity by making choices (second best)
Trade Offs The alternatives that we give up when we choose one course of action over another
Production Possibility Curve A graph that shows alternative ways to use an economy's productive resources
Production Possibility Frontier A line on a production possibilities curve that shows the maximum possible output an economy can produce
Decision Making Grid*
Marginal Cost The extra cost of adding one unit
Marginal Benefit The benefit of adding adding one unit
Thinking-on-the-Margin (AKA Marginal Revenue)The additional income for selling one additional unit of a good.
Specialization When individuals and businesses do only what they do best
Command Economy An economic system in which a group of central planners make economic plans for the government
Market Economy An economic system in which decisions on the '3 economic questions' are based on the principle of voluntary exchange
Mixed Economy a market-based economic system in which the government has some involvement
The 3 Basic Economy Questions What goods and services will be produced? How will goods and services be produced? Who will consume the goods and services?
Consumer Sovereignty The extent to which people are free to choose in the marketplace without government regulation
Efficiency A situation in which one in a society can be made better off without making someone else worse off
Underutilization The use of fewer resources than the economy is capable of using
Productivity The quantity of output per unit of input
Standard of Living The way of living that is usual for a person, community, or country
Voluntary Exchange A transfer of goods, services, or ideas that someone makes willingly
Government Regulation The extent to which government intervenes in the decisions of buyers and sellers in a market
Deregulation to remove controls on
Profit Motive The desire to make money which motivates or causes people to work hard to produce goods and services
Public Goods & Services Kind of good or service that is purchased by a consumer who desires it and can afford it
Market Failure When either a market transaction affects third parties not involved in the transaction or that a market has difficulty in providing a product.
Created by: 13AmaMcD



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