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Economics the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants.
Microeconomics the economic behavior and decision-making by individuals and small businesses.
Macroeconomics economic behavior and decision-making by government or whole industries or societies.
Economic System nation's way of producing things its people want and need
Resource the money, people, and materials available to accomplish a community's goals.
Scarcity not having enough resources to produce all of the things we would like to have.
Trade-off the alternative you face if you decide to do one thing rather than another.
Opportunity Cost the cost of the next best alternative use of time and money when choosing to do one thing rather than another.
Marginal Cost the additional or extra opportunity cost associated with an action.
Marginal Benefit the additional or extra benefit associated with an action.
Cost-Benefit Analysis economic model that compares the marginal costs and marginal benefits of a decision.
Services work performed by a person for someone else.
Factors of Production resources necessary to produce goods and services.
Capital previously manufactured goods and services.
Entrepreneur individual who starts a new business, introduces a new product, and improves a management technique.
Gross Domestic Product (GDP) total dollar value of all final goods and services produced in a country during a single year.
Standard of Living the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied.
Market free and willing exchange of goods and services between buyers and sellers.
Factor Market a market where productive resources are bought and sold.
Product Market a market where producers offer goods and services for sale.
Productivity the degree to which resources are being used efficiently to produce goods and services.
Specialization when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else.
Economic Interdependence a reliance on others, as they rely on you, to provide goods and services to be consumed.
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.
Consumer Sovereignty the role of consumer as the ruler of the market, determining what products will be produced.
Private Property Rights the freedom to own and use property as we choose as long as we do not interfere with the rights of others.
Profit Motive the driving force that encourages individuals and organizations to improve their material well-being.
Voluntary Exchange the act of buyers and sellers freely and willingly
Laissez-Faire Economics economic system where government should not interfere in the marketplace.
Created by: kpd5373