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Econ Ch. 1

TermDefinition
economics The study of how people seek to satisfy their needs and wants by making choices.
goods Physical objects such as clothes or shoes.
services Actions or activities that one person performs for another.
scarcity Limited quantities of resources to meet unlimited wants.
trade-offs An alternative that we sacrifice when we make a decision.
"guns or butter" A phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods.
opportunity cost The most desirable alternative given up as the result of a decision.
factors of production Land, labor, and capital; the 3 groups of resources that are used to make all goods and services.
land Natural resources that are used to make goods and services.
labor The effort that people devote to a task for which they are paid.
capital Any human-made resource that is used to create other goods and services.
human capital The skills and knowledge gained by a worker through education and experience.
physical capital All human-made goods that are used to produce other goods and services; tools and buildings.
entrepreneur Ambitious leader who combined land, labor, and capital to create and market mew goods and services.
production possibilities curve A graph that shows alternative ways to use an economy's resources.
factor market Market in which firms purchase the factors of production from households.
product market The market in which households purchase the goods and services firms produce.
economic system The method used by a society to produce and distribute goods and services.
traditional economy Relies on habit, custom, or ritual.
market economy Decisions are made by individuals (buyers and sellers) based on exchange or trade.
command economy Central government only decides how to answer the 3 questions.
mixed economy Market-based with limited government involvement.
laissez-faire "let them do (as they please)" - government should leave the individuals as free as possible to pursue their own interests.
market An arrangement that allows buyers and sellers to exchange things.
household A person or group of people living in the same residence.
firm A business, an organization that uses resources to produce a product, which it then sells.
Created by: Matti