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Economics Unit 1

TermDefinition
Economics the study of how people make choices about ways to use limited resources to fulfill their wants
microeconomics the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
macroeconomics the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments
scarcity basic economic problem that results from a combination of limited resources and unlimited wants
factors of production resources of land, labor, capital, and entrepreneurship used to produce goods and services
land natural resources and surface land and water
labor human effort directed toward producing goods and services
goods tangible objects that can satisfy people’s wants or needs
services actions that can satisfy people’s wants or needs
capital previously manufactured goods used to make other goods and services
productivity the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, and entrepreneurship)
entrepreneurship when individuals take risks to develop new products and start new businesses in order to make profits
technology the use of science to develop new products and new methods for producing and distributing goods and services
trade-off sacrificing one good or service to purchase or produce another
opportunity cost value of the next best alternative given up for the alternative that was chosen
production possibilities curve graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
economy the production and distribution of goods and services in a society
economic model a theory or simplified representation that helps explain and predict economic behavior in the real world
hypothesis an assumption involving two or more variables that must be tested for validity
economic system way in which a nation uses its resources to satisfy its people’s needs and wants
traditional economy system in which economic decisions are based on customs and beliefs that have been handed down from generation to generation
command economy system in which the government controls the factors of production and makes all decisions about their use
market economy system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families’ best interests
market the process of freely exchanging goods and services between buyers and sellers
circular flow of income and output economic model that pictures income as flowing continuously between businesses and consumers
mixed economy system combining characteristics of more than one type of economy
capitalism economic system in which private individuals own the factors of production
laissez-faire economic system in which the government minimizes its interference with the economy
free-enterprise system economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism
Profit amount earned after a business subtracts its costs from its revenues
Competition rivalry among producers or sellers of similar goods and services to win more business
economic efficiency wise use of available resources so as to obtain the greatest benefits possible
Created by: perryherbst
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