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Economics

Chapter 1 Vocabulary Test

TermDefinition
Need Something essential for survival
Want Something that people desire but that is not necessary for survival
Goods Physical objects that someone produces
Services Actions or activities that one person performs for another
Scarcity Principle that limited amounts of goods and services are available to meet unlimited wants
Economics Study of how people seek to satisfy their needs and wants by making choices
Shortage Situation in which consumers want more of a good or service than producers are willing to make available at a particular price
Entrepreneur Person who decides how to combine resources to create goods and services
Factors of Production Resources that are used to make goods and services
Land All natural resources used to produce goods and services
Labor Effort people devote to tasks for which they are paid
Capital Any human-made resources that is used to produce other goods and services
Physical Capital Human-made objects used to create other goods and services
Human Capital Knowledge and skills a worker gains through education and experience
Trade-off Act of giving up one benefit in order to gain another greater benefit
"Guns or Butter" A phrase expressing the idea that a country that decides to produce more military goods ("guns") has fewer resources to produce consumer goods ("butter") and vice versa.
Marginal Cost Extra cost of adding one unit
Marginal Benefit Extra benefit of adding one unit
Efficiency Use of resources in such a way as to maximize the output of goods and services
Created by: heather4354
Popular Economics sets

 

 



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