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Introduction to Econ

QuestionAnswer
Need Something like air, food, or shelter that is necessary for survival
Want An item that we desire but that is not essential to survival
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
Shortage A situation in which a good or service is unavailable
Factors of production Land, labor, and capital; the three 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 (money, tools, machines, vehicles) that is used to create other goods and services
Physical Capital All human-made goods that are used to produce other goods and services; tools, machines, and building
Human Capital The skills and knowledge gained by workers through education and experience
Entrepreneur Ambitious individual who combines land, labor, and capital to create and market new goods and services
Trade-off An alternative choice 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 goods or consumer goods
Opportunity cost The most desirable alternative given up as the result of a decision
Thinking at the margin Deciding whether to act, create, or use one additional unit of some resource. Opportunity Cost Vs. benefits
Production possibilities curve A graph that shows the combinations of goods and services that can be produced and the combinations that cannot
Production possibilities frontier The line on a production possibilities graph that shows the maximum possible output
Efficiency Using materials & resources in such a way as to maximize the production of goods and services
Underutilization Using fewer resources than an economy is capable of using
Cost To an economist, the alternative that is given up because of a decision you make
Law of increasing costs Economic law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases
Incentive A reward that encourages an action or a penalty that discourages an action
Microeconomics The study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments
Macroeconomics The study of the performance of the national economy and the global economy
Margin When a choice is changed by a small amount or by a little at a time, the choice is made at the margin.
Adam Smith The author of "The Wealth of Nations," considered the first book written on economics.
Laissez Faire Economic theory that argues that governments should not interfere with business affairs
Cluck Is a person with a drug problem that trades stolen or his/her things for drugs. Hey ___ how much did you get for that laptop?
scrub A __ is a now generalized term used as a synonym for a "noob" or "newb," which is someone who is bad at a video game or activity in general.
crunk An overused hiphop term that has been beat to death more than "Bling-Bling". It means to get crazy and drunk. The term lost it's "cool" factor like two years ago, but that doesn't stop wanna be gangstas from using the the term as much as possible.
turnt up getting loose (just being wild)
hit a lick To rob or burglarize someone or something. Me and O.G. wanted to _ _ _ so we picked up some dudes and jack rolled them.
friendly The act of being too nice or too generous, because people will often take advantage of you. That boy is too __, he always gives me his snacks.
Debo To steal or take away from. Inspired by the character "__" from the film Friday, its original definition is to steal something. That cluck just __ed my IPhone! He __ed your rims.
corner store Located at the corner of the street common in all urban areas across the U.S. Typically run by Asians, these sell all needs, including toiletries, food, drinks (alcoholic and non-alcoholic), and cigarettes.
U mad bro? A phrase trolls use to anger an already mad person even more.
troll One who posts a deliberately provocative message on a message board with the intention of causing maximum disruption and argument.
weaksauce Paltry, insufficient, and laughable in effort
Noob Tuber A really annoying person that keeps killing you with a grenade launcher in Call of Duty
owned Completely annihilated or dominated.
Really? A statement of disbelief in a sarcastic manner. It is like "seriously", but more obnoxious.
skitzing What one does when on Meth, Ice, or whatever you call Speed.
Created by: weakstick
 

 



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