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taylors@Chap18-19

QuestionAnswer
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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