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taylors@Chap18-19
| Question | Answer |
|---|---|
| Economics | the study of how indivduals make choices with limited resources. |
| Microeconomics | economic behavior and decision making by individuals and small businesses |
| Macroeconomics | economic behavior and decision making by governement or whole industries or societies. |
| Economic System | nation's way of producing things its people want and need |
| Resource | the money, people, and materials available to accomplish a goal |
| Trade-off | the alternative you face if you decide to do one thing instead of another |
| Scarcity | not having enough of resources to produce all the needs and wants |
| Opportunity Cost | the cost of thenest best alternative use of time and money when choosing to do one thing rather than another |
| Marginal Cost | the additional opportunitycost associated with an action |
| Marginal Benefit | the additional opportunity benefit associated with an action |
| Cost-Benefit Analysis | economic model that compares the marginal costs and marginal benefits of a decision |
| Gross Domestic Product (GDP) | total dollar value of all goods and services produced in a country during a single year. |
| Entrepreneur | someone who starts a new business |
| Capital | previously manufactured goods used to make other foods and services |
| Factors of Production | resources necessary to produce goods and services |
| Services | work perfomed by a person for sopmeone else |
| Factor Market | a market where productive resources are bought and sold |
| Product Market | a market where producers offer goods and services for sale |
| Specialization | when people concentrate on goods and services that they can produce better than anyone else |
| Economic Interdependence | a reliance on others, as they rely on you, to provide goods and services to be consumed |
| Capitalism | a system in which private citizens own most of the means of production and decide how to use them within legislated limits |
| Free Enterprise | economic system in which individuals are allowed to compete for profit with a minimum of government interference |
| Consumer Sovereignty | the role of a consumer as the ruler of the market, determing what products will be produced |
| Private Property Rights | the freedom to own and use our own property as we choose as long as we do 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 seller freely and willingly engaging in market strategies |
| Laissez-Faire Economics | economic system where government should not interfere in the market place |
Created by:
TayylaNicolee
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