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
Wills Econ
Term Sheet 1
| Question | Answer |
|---|---|
| Need | Goods or services that are essential for life |
| Want | Non-essential goods and services |
| Good | a product or service which can command a price when sold. |
| Services | Activities provided for the satisfaction of others that are consumed at the same time they are produced. Ex: car wash |
| Scarcity | Not having enough resources to satisfy every need |
| Economics | The branch of knowledge concerned with the production, consumption and transfer of wealth or simply the study of how we choose to use scarce resources in order to satisfy our wants |
| Shortage | A situation in which there is too little of a good or service available compared with what consumers want to purchase |
| Factors of Production | Land, labor, capital |
| labor | any work that contributes to the production of goods and services |
| Capital | previously manufactured goods used to make other goods and services |
| physical capital | definition: all human-made goods that are used to produce other goods and services; tools and buildings importance: relates to: capital, land, labor |
| human capital | the skills and knowledge gained by a worker through education and experience importance: allows people to use the knowledge they can to help profit the businesses and make more money relates to: labor |
| Trade off | What you make when you give something up to have something else |
| Guns or Butter | economic policy decision of whether a country is more interested in spending money on war or feeding their people. |
| Opportunity Costs | Cost involved in choosing an economic activity instead of its next best alternative. |
| Thinking at the Margin | making decisions based on small changes in resources. |
| Cost benefit analysis | Evaluative technique for comparing value of all resources consumed (costs) in implementing a program or intervention against the value of the outcome (benefits) from that program or intervention. |
| Marginal Costs | gives the change in total cost associated with producing one or more unit of output |
| Marginal Benefit | the additional benefit arising from a unit increase in a particular activity |
| Production Possibility Curve | a graph or economic model that shows the maximum combinations of goods and services, any two categories of goods, that can be produced from a fixed amount of resources |
Created by:
deleted user
Popular Economics sets