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Basic Economics

Basic Economics Vocabulary Words

Goods tangible things (objects) that satisfy economic wants. Shampoo is a consumable product that satisfies people’s wants for a hair cleaning product. Other examples of goods are milk, computers, and cars
Services activities that people perform for others to satisfy economic wants. A haircut is provided by a barber or stylist for others.Other examples of services are plant watering, car washing, and babysitting.
Opportunity cost or a foregone alternative when a person chooses one thing, he or she must give up something else in order to get it
Productive resources used by societies to produce goods and services
Capital goods goods produced and used to make other goods and services
Human resources the people working in a company or organization (e.g., a truck driver, lawyer, postman, etc.).
Natural resources any thing produced by the land (e.g., sand, water, rocks, oil, etc)
A trade-off giving up some of one thing to get more of another thing.
Market economy consumers have the most influence over what is produced.
Competitive markets businesses are forced to produce products consumers demand at the lowest prices that will cover costs. If consumers do not like a particular product that businesses offer for sale, that product will not survive in the market
Incentive a reward or penalty that influences how people behave
Human capital a result from investment in people through education and training. More human capital produces additional knowledge and skills
Wage or salary income earned in return for providing labor resources (working)
Entrepreneurs individuals who are willing to take risks in order to develop new products and start new businesses
Profit the amount of revenue left over after all costs of production are considered. Profit is the payment to entrepreneurs for taking the risk to start a business, or to continue in the business
Barter the exchange (goods or services) for other goods or services without using money.
Voluntary exchange occurs when each person is able to trade one item for another item that he or she values more than the first item. No one expects to be worse off due to the exchange; otherwise the trade would not take place
Exports domestic goods and services sold to buyers in other countries
Imports goods or services bought in one country that was produced in another
Specialization each worker does what he or she does best, which enables people to generate higher incomes (and produce more) than would be the case if they did not specialize
Specialization allows more goods and services to be produced because it results in higher output per worker
Specialization requires more cooperation or interdependence among workers. If one person is slower at his or her task than the others are at their tasks, then production may be reduced
Specialization leads to more trading among workers (and among nations)
Productivity of workers output per worker
output per worker when workers use capital goods (e.g., machines, computers and other equipment) they can improve their ability to produce goods and services in a given amount of time
law of demand as the price of a good or service increases, the quantity demanded of that good or service will decrease
Inflation the Increase in the general level of prices of goods and services. It can result from increases in the money supply, increases in demand for goods and services, or from increases in the costs of producing goods and services
monopoly when there is only one seller of a product in a given market
purchasing power how much you can buy with the dollar, which depends on its value
Created by: yer.yang



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