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JA Chp. 1

JA Economics Chp. 1

The father of economics. Wrote “Wealth of Nations” which promoted “the invisible hand” theory. Adam Smith
The gains that result when a choice is made. Benefits
The buildings, tools, and machines people create and use to produce final goods and services. Capital
Latin for “all else being equal”; a fundamental assumption in many economic models ceteris paribus
The process of using a product or service. Consumption
The losses that result when a choice is made. Costs
A negative or withdrawn reward. disincentive
The process of getting a product or service to consumers. distribution
A social science that studies how people decide to use scarce resources to satisfy their wants. economics
The imagination, innovative thinking, and management skills needed to start and operate a business. Entrepreneurship
The land, labor, and capital resources used to produce goods and services. factors of production
A positive reward that results from making a choice or behaving in a certain way. incentive
The physical and mental efforts people use to create goods and services. labor
Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water. land
The study of the economy as a whole. macroeconomics
The extra or additional costs or benefits of a decision. marginal
An arrangement that allows buyers and sellers to make exchanges. market
An economy that relies on voluntary trade as the primary means of organizing and coordinating production. market economy
The study of individual consumers and businesses. microeconomics
The highest valued alternative given up as a result of making a choice. opportunity cost
A process that combines economic resources so the result is a good or service that is available for sale. production
A positive difference between total sales and total costs. profit
Resources and products owned by government. public property
Exchanging something for something else. trade
Created by: pinetreeacademy