Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
ECO Topic 1 Vocab
ECO Topic 1 Vocabulary Lessons 1,2,3 PEARSON 2016
| Term | Definition |
|---|---|
| need | something essential for survival |
| want | something that people desire but 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 | a situation in which consumers want more of a good or service 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 factors that are used to 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 objects used to create other goods and services |
| physical capital | the human-made object used to create other goods and services |
| human capital | the knowledge and skills a worker gains through education and experience |
| trade-off | the alternatives that we give up when we choose one course of action over another |
| guns or butter | a phrase expressing the idea that a country that decides to produce more military goods has fewer resources to produce consumer goods and vice versa |
| opportunity cost | the most desirable alternative given up as the result of a decision |
| thinking at the margin | the process of deciding how much more or less to do |
| cost/benefit analysis | a decision-making process in which you compare what you will sacrifice and gain by a specific action |
| marginal benefit | the extra benefit of adding one unit |
| production possibilities curve (PPC) | a graph that shows alternative ways to use an economy's productive resources |
| production possibilities frontier (PPF) | a line on a production possibilities curve that shows the maximum possible output an economy can produce |
| 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 goods or service to another, more resources are needed to increase production of the second good or service |
Created by:
cwarsing
Popular Economics sets