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KhalidS@Chap18-19
This is a list of 27 different terms in Chapter 18 and 19 of the Civics textbook
| Term | Definition |
|---|---|
| Economics | The study of how we make decisions in a world in which resources are limited. |
| Microeconomics | A field where economists study the behavior and decision making of small units such as individuals and businesses. |
| Economic System | Way of producing the things its people want and need. |
| Resource | The things used in making goods and providing services. |
| Scarcity | It occurs whenever we do not have enough resources to produce all the things we would like to have |
| Trade-off | The alternative you face if you decide to do one thing rather than another. |
| Opportunity Cost | The cost of the next best use of your time or money when you choose to do one thing rather than another. |
| Marginal Cost | The additional cost of producing one additional unit of output. |
| Marginal Benefit | The additional satisfaction or benefit received when one more unit is produced. |
| Cost-Benefit Analysis | A type of decision making where if the costs outweigh the benefits, we should reject the chosen option. |
| Macroeconomics | A field where economists study with the economy as a whole by large units such as governments or whole industries. |
| Services | Work performed for someone else. |
| Factors of Production | Resources necessary to produce goods and services. |
| Capital | The manufactured goods used to make other goods and services. |
| Entrepreneur | An individual who starts a new business, introduces new products, and improves processes. |
| Gross Domestic Product(GDP) | The total value in dollars, of all the final goods and services produced in a country during a single year. |
| Factor Market | The markets where productive resources are bought and sold. |
| Product Market | Markets where producers offer goods and services for sale. |
| Specialization | Takes place when people, businesses, regions, or even countries concentrate on goods or services that they can produce better than anyone else |
| Economic Interdependence | It means that we rely on others, and others rely on us, to provide goods and services. |
| Capitalism | An economic system in which private citizens own and use the factors of production in order to seek a profit |
| Free enterprise | Competition is allowed to flourish with a minimum of government interference |
| Consumer Sovereignty | Describes the consumer as the ruler of the market and the one who determines what products will be produced. |
| Private Property Rights | Rights that mean that we have the freedom to own and use and dispose of our own property, as long as it does not interfere with the rights of others. |
| Profit Motive | The driving force that encourages individuals and organizations to improve their material well-being. |
| Voluntary exchange | The act of buyers and sellers freely and willingly engaging in market transactions |
| Laissez-Faire Economics | The government should not interfere in the marketplace |
Created by:
knight1030
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