not having enough resources to produce all of the things people would like to have

the study of how people try to satisfy their wants through the use of scarce resources

Three basic economic questions

What to produce?How to produce?For Whom to produce?

factors of production

resources required to produce the things we would like to have. (land, capital, labor, and entrepreneurs)

"gifts of nature" or, natural resources not created by man

the tools, equipment, machinery, and factories used to produce goods and services.

people with all their efforts, abilities, and skills

a risk-taker in search of profits who does something new with existing resources

the process of creating goods and services

Gross Domestic Product (GDP)

the dollar value of all final goods and services produced within a country's borders in a 12 month period

an item that is economically useful or satisfies an economic want, such as a book, car, or dvd player

work that is performed for someone

worth that can be expressed in dollars and cents

the capacity to be useful and provide satisfaction

a location that allows buyers and sellers to exchange a certain economic product

markets where productive resources are bought and sold

markets where producers sell their goods and services to consumers

economic interdependence

we rely on others, and others rely on us, to provide the goods and services that we consume

the cost of the next best alternative use of money, time, or resources when one choice is made over another

cost-benefit analysis

a way of thinking about a problem that compares the costs of an action to the benefits received

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Economics

CH.1

Question	Answer
scarcity	not having enough resources to produce all of the things people would like to have
economics	the study of how people try to satisfy their wants through the use of scarce resources
Three basic economic questions	What to produce?How to produce?For Whom to produce?
factors of production	resources required to produce the things we would like to have. (land, capital, labor, and entrepreneurs)
land	"gifts of nature" or, natural resources not created by man
capital	the tools, equipment, machinery, and factories used to produce goods and services.
labor	people with all their efforts, abilities, and skills
entrepreneur	a risk-taker in search of profits who does something new with existing resources
production	the process of creating goods and services
Gross Domestic Product (GDP)	the dollar value of all final goods and services produced within a country's borders in a 12 month period
a good	an item that is economically useful or satisfies an economic want, such as a book, car, or dvd player
service	work that is performed for someone
value	worth that can be expressed in dollars and cents
utility	the capacity to be useful and provide satisfaction
market	a location that allows buyers and sellers to exchange a certain economic product
factor markets	markets where productive resources are bought and sold
product markets	markets where producers sell their goods and services to consumers
economic interdependence	we rely on others, and others rely on us, to provide the goods and services that we consume
trade-offs	alternative choices
opportunity cost	the cost of the next best alternative use of money, time, or resources when one choice is made over another
cost-benefit analysis	a way of thinking about a problem that compares the costs of an action to the benefits received

Created by: Zagerr

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