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Econ: Chp 1

Scarcity, Trade-offs, PPF

QuestionAnswer
something like air, food, or shelter that is crucial for survival need
an item that we desire but that is not essential to survival want
the study of how people seek to satisfy their needs and wants by making choices economics
physical objects such as clothes or shoes goods
actions or activities that one person performs for another services
limited quantities of resources to meet unlimited wants scarcity
a situation in which a good or service is unavailable shortage
land, labor and capital factors of production
natural resources that are used to make all goods and services land
the effort that people devote to a task for which they are paid labor
any human made resource that is used to create other goods and services: money or resources capital
all human-made goods that are used to produce other goods and services; machinery and buildings physical capital
the skills and knowledge gained by a worker through education and experience human capital
ambitious leader who combines FOP to create and market new goods and services entrepreneur
an alternative that we sacrifice when we make a decision trade-off
phrase referring to the trade-offs that nations face when choosing whether to produce more or less military or consumer guns or butter
the most desirable alternative given up as the result of a decision opportunity cost
deciding whether to do or use one additional unit of some resource; eliminating choices one by one thinking at the margin
a graph that shows alternative ways to use an economy's resources production possibilities graph
the line on a production possibilities graph that shows the maximum possible output; efficiency production possibilities curve
using resources in such a way as to maximize the production of goods and services; very little to no waste FOP efficiency
using fewer resources than an economy is capable of using; inefficient use of FOP underutilization
to an economist, this the alternative that is given up because of a decision; it can include time or opportunity cost
as we shift factors of production from making one good or service to another, the cost of producing the second item increases law of increasing costs
Created by: kimberlygellise
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