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Economics
Chapter 1 Mcgraw Hill
| Term | Definition |
|---|---|
| Scarcity | - fundamental economic problem facing all societies resulting from a combination of scarce resources and peoples virtually unlimited needs and wants |
| Need | - Basic requirement for survival, including food, clothing, and shelter. |
| Service | -Work or labor performed for someone; economical product that includes haircuts, home repairs, and forms of entertainment. |
| Entrepreneurs | - risk-taking individual who introduce new products or services in search of profit; one of the four factors of production |
| Utilities | -ability or capacity of a good or service to be useful and give satisfaction to someone |
| Labor | - People with all their abilities and efforts; 1 of 4 factors of production; does not include the entrepreneurs. |
| Value | - monetary worth of a good or service as determined by the market. |
| Factors of Production | - Productive resources needed to produce goods; the four factors are land, capital,labor and entrepreneurship. |
| GDP | - Monetary value of all final goods,services, and structures produced within a country's national borders during a one-year period. |
| Capital good | -tool, equipment, or other manufactured good used to produce other goods and services; a factor of production ? |
| Consumer good | - intended for final use by consumer other than businesses |
| Economics: | social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources |
| Production possibilities curve- | diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed. |
| Non-durable good | - An item that lasts fewer than three years when used on a regular basis.` |
| Wealth | - sum of tangible economic goods that are scare, useful, and transferable from one person to another; excludes services. |
| Good | -Tangible economic product that is useful,transferable to others,and used to satisfy wants and needs. |
| Opportunity Cost | - Cost of the next best alternative use of money, time, or resources, when one choice is made rather than another. |
| Paradox of value | - apparent contradiction between the high value of a nonessential item and the low of an essential item. |
| Capital | - tools, equipment, and factories used in the production of goods and services; one of the four factors of production |
| Durable Good | - is one that lasts three years or more when used on a regular basis. Durable goods include tools such as robot welders and tractors, and consumer goods such as automobiles. |
| Accumulation | a mass or quantity of something that has gradually gathered or been acquired. |
| Specialization | takes place when factors of production perform only tasks they can do better or more efficiently than others. |
| Mechanism | Process or means by which something can be accomplished. |
| Economic Growth | An Increase in a nation’s total output of goods and services over time. |
| Consumerism | - The protection or promotion of the interests of consumers. |
| Productivity | - Measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production. |
| Land | - Natural resources or “gifts of nature” not created by human effort;one of the four factors of production. |
| Market | -meeting place or mechanism through which buyers and sellers of an economic product come together;may be local, regional,national,or global |
| Factor Markets- Markets in which productive resources are bought and sold. | - Markets in which productive resources are bought and sold. |
| Product Market | - Market in which goods and services are bought and sold. |
| Cost-benefit Analysis | - comparison of the cost of an action to its benefits |
| Free enterprise economy | - Market economy in which privately owned businesses have the freedom to operate for a profit with limited gov intervention |
| Economic Interdependence | -Mutual dependence of the economic activities of one person, company,region ,or nation on those another person,company,region,or nation. |
| Transferable | - capable of being passed from one person to another |
| Standard of Living | - our quality of life based on the ownership of the necessities and luxuries that make life easier. |
Created by:
demerson