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OliviaL@Chap18-19
Chapter 18 and 19
| Term | Definition |
|---|---|
| Economics | Study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants |
| Microeconomics | economic behavior and decisions making by individuals and small businesses |
| Macroeconomics | economic behavior and decisions making by government or whole industries or societies |
| Economic System | Nations way of producing things its people want and need |
| Resource | the money, people, and materials available to accomplish a community goals |
| Scarcity | not having enough resources to produce all of things we would like to have |
| Trade-off | the alternative you face if you decide to do one thing rather than another |
| opportunity Cost | cost of the next best alternative use of time and money when choosing to do one thing rather then another. |
| Marginal Cost | the additional of extra opportunity associated with an action |
| Marginal Benefit | the additional of 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 used to make other goods and services |
| GDP | total dollar value of all final goods and services produced in a country during a single year |
| Standard of living | 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 business are allowed to complete 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 our own 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 engaging in market transactions |
| Laissez-Faire Economics | economic system where government should not interfere in the marketplace |
Created by:
olivialocklear
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