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PASS Chp. 1
Intro to Economics
| Term | Definition |
|---|---|
| capital | goods used to produce other goods and services; it can also mean financial capital or money Examples: tools, machinery, buildings, money |
| capital goods | goods used to make or transport other goods and services Examples: tools; machinery; factories; facilities for storing, transporting, and selling goods |
| consumer | an individual who buys and uses goods and services |
| consumer goods | goods used for personal needs and wants Examples: clothing, food, appliances, automobiles |
| demand | the amount of goods or services that consumers are willing and able to buy at a given price |
| durable goods | goods that are not used up and do not quickly wear out after they are purchased Examples: automobiles, appliances, furniture |
| economic rent | payment that people receive for the use of resources that they own or control |
| economics | the study of people trying to satisfy their wants in a world of scarcity |
| efficient | getting the job done with the least amount of effort; producing the most with the least amount of resources |
| entrepreneur | an individual who creates something new and earns a profit by combining land, labor, and capital resources to produce goods and services |
| entrepreneurship | special talent some people have for searching out new business opportunities and developing new products and new ways of doing things |
| financial capital | money used to buy factors of production Examples: tools, machinery, buildings |
| goods | items that can be bought or sold that are tangible (you can actually hold them in your hands) and provide satisfaction; sometimes referred to as products |
| labor | human effort, both mental and physical,that goes into the making of goods and services |
| land | the geographic territory and natural resources that go into the making of goods and services Examples: fields, forests, minerals, water |
| necessity | goods or services considered essential to a person’s well-being; a need |
| needs | goods and services that are necessities Examples: food, clothing, shelter, medical care |
| nondurable goods | goods that are used up or quickly wear out after they are purchased Examples: gasoline, food, clothing |
| opportunity cost | whatever is given up to get something in return |
| resources | anything used to produce goods and services; also known as factors of production or productive resources Examples: land (minerals, timber, rivers); labor; capital (machinery, buildings); and some economists consider entrepreneurship |
| scarcity | limited resources for production in relation to wants for goods and services |
| services | activities performed for others for money; things that people want done for them but are unwilling or unable to do for themselves Examples: teaching, selling |
| supply | the amount of goods or services that consumers are willing and able to produce at a given price |
| trade-off | giving up one thing to gain another when economic goals are in conflict |
| wants | goods and services that a consumer may desire or want to buy but that are not necessities |
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pinetreeacademy
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