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Chapter 1
Everbody's Economics
| Term | Definition |
|---|---|
| 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 |
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TimHSEconomics
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