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Economics Chapter 1

QuestionAnswer
need something essential for survival
want something that people desire but that is not necessary for survival
goods the physical objects that someone produces
services the actions or activities that one person performs for another
scarcity the principle that limited amounts of goods and services are available to meet unlimited wants
economics the study of how people seek to satisfy their needs and wants by making choices
shortage when consumers want more of a good or services than producers are willing to make available at a particular price
entrepreneur a person who decides how to combine resources to create goods and services
factors of production the resources that are used to make goods and services
land all natural resources used to produce goods and services
labor the effort people devote to tasks for which they are paid
capital any human-made resource that is used to produce other goods and services
physical capital the human-made objects used to create other goods and services
human capital the knowledge and skills a worker gains through education and experience
trade-off the act of giving up one benefit in order to gain another
"guns or butter" the government decision to produce more military goods or consumer goods
opportunity cost the most desirable alternative given up as the result of a decision
thinking at the margin the process of deciding whether to do or use one additional unit of some resource
cost/benefit analysis a decision-making process in which you compare what you will sacrifice and gain by a specific action
marginal cost the extra cost of adding one unit
marginal benefit the extra benefit of adding one unit
production possibilities curve a graph that shows alternative ways to use an economy's productive resources
efficiency the use of resources in such a way as to maximize the output of goods and services
underutilization the use of fewer resources than an economy is capable of using
law of increasing costs an economic principle which states that as production shifts from making one good or service to another
Created by: weakstick
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