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brooklynm@chap18-19
Vocabulary words from Unit 6: The Economy and the Individual
| Term | Definition |
|---|---|
| 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 | additional use that is derived from each unit acquired |
| 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 |
| Entrepreneur | individual who starts a new business, introduces a new product, and improves a management techniques |
| 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 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:
bpmahar
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