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coleu@Chap 18-19
Chapters 18 and 19
| Term | Definition |
|---|---|
| Economics | the branch of knowledge concerned with the production, consumption, and transfer of wealth |
| Microeconomics | the part of economics concerned with single factors and the effects of individual decisions |
| Macroeconomics | the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity |
| Economic System | a system of production and exchange of goods and services as well as allocation of resources in a society |
| Resource | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively |
| Scarcity | the state of being scarce or in short supply; shortage |
| Trade-off | a balance achieved between two desirable but incompatible features; a compromise |
| Opportunity Cost | the loss of potential gain from other alternatives when one alternative is chosen |
| Marginal Cost | the cost added by producing one extra item of a product |
| Marginal Benefit | the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service |
| Cost-Benefit Analysis | a process by which business decisions are analyzed |
| Services | the action of helping or doing work for someone |
| Factors of Production | an economic term to describe the inputs that are used in the production of goods or services in the attempt to make an economic profit |
| Capital | wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing |
| Entrepreneur | a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so |
| GDP | the total value of goods produced and services provided in a country during one year |
| Standard of Living | the degree of wealth and material comfort available to a person or community |
| Market | a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities |
| Factor Market | refers to markets where services of the factors of production are bought and sold |
| Product Market | where goods and services produced by businesses are sold to households |
| Productivity | the state or quality of producing something, especially crops |
| Specialization | the act of specializing, or pursuing a particular line of study or work |
| Economic Interdependence | a consequence of specialization, or the division of labor, and is almost universal |
| Capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state |
| Free Enterprise | an economic system in which private business operates in competition and largely free of state control |
| Consumer Sovereignty | the situation in an economy where the desires and needs of consumers control the output of producers |
| Private Property Rights | a legal right to or in a particular property |
| Profit Motive | an economic concept which posits that the ultimate goal of a business is to make money |
| Voluntary Exchange | the act of buyers and sellers freely and willingly engaging in market transactions |
| Laissez-Faire Economics | an economic theory from the 18th century that is strongly opposed to any government intervention in business affairs |
Created by:
skater43211
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