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Chapter 1

Everbody's Economics

Economics The study of the choices that individuals and societies mike in the production, distribution, and consumption of goods
Economy Any system for the production, distribution, and consumption of goods and services
Civilization A condition of human society marked by the existence of towns and cities, educated persons, efficient food production, elaborate arts and crafts, savings, and much real and personal property
Economists Scholars of the production, distribution, and consumption of goods within a economy
Macroeconomics The study of national and international economies and how these major economies are affected by large-scale choices and public policies
Microeconomics The study of specific components within major economy and how the choices made by individuals, households, and businesses affect that economy
Good A tangible, or material, thing that people want and for which they will pay
Services Intangible goods produced by labor for which people expect to pay
Want The human desire to have and use a certain good
Market A mechanism that allows people to exchange gods
Supply The quantity of a good for sale at a eraijn price under certain conditions or simply the amount of a good that is produced
Demand The amount of a good that is bought at a certain price under certain conditions
The first thing to understand about economics All goods have to be worked for
Producers Persons who work to provide goods
Consumers People who use goods. All people are consumers
Need A necessity, something that would be difficult to do without
Want A desire, a longing, an appetite for something. All needs are wants, yet not all wants are immediate needs
Two ways goods are Classified 1. Capital Goods.. 2. Consumer goods
Capital good, Investment good, Capital Anything used in the production and distribution of goods and services. Are created because they are necessary for the making and distributing of other goods, whether capital or consumer goods
Consumer Goods Things produced for direct use by consumers. Made to directly satisfy people's wants
When Capital Goods are Scarce Consumer goods are very scarce, and a society usually is very poor
When Capital Goods are Abundant A society is able to produce more consumer goods, thereby creating a prosperous market
Developed Countries Those nations having scientific agriculture and advanced industries, in which most workers are employed in manufacturing, technology, and communications
Technology The industrial skills and scientific methods that make possible efficient production. Modern technology results from applying intelligence to work
Value of a Good The worth that consumers attach to it. The value of a good varies according to its utility(usefulness) and scarcity(availability) at a particular time and place
Created by: TimHSEconomics



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