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Econ Module 1.1

Module 1 Section 1 Vocab

TermDefinition
Economics the study of scarcity and choice
Individual Choice decisions by individuals about what to do, which necessarily involve decisions about what not to do
An Economy An economy is a system for coordinating a society's productive and consumptive activities (making and getting things)
Market Economy the decisions of individual producers and consumers largely determine what, how, and for whom to produce, with *little* government involvement in the decisions
Command Economy industry is publicly owned and a central authority makes production and consumption decisions
Incentives rewards or punishments that motivate particular choices
Property Rights these establish ownership and grant individual the right to trade goods and services with each other
Marginal Analysis the study of the costs and benefits of doing a little bit more of an activity versus a little bit less of one
Resource anything that can be used to produce something else
Land for the purposes of economics, it means all resources that come from nature, such as minerals, timber, and petroleum, etc.
Labor the effort of workers
Capital (with an "a") manufactured goods used to make other goods and services
Entrepreneurship the efforts of entrepreneurs in organizing resources for production, taking risks to create new enterprises, and innovating to develop new products and production processes
Scarce Resource a resource that is not available in sufficient quantities to satisfy all the various ways a society wants to use it
Opportunity Cost the REAL cost of an item. What you must give up in order to get the item
Created by: MsBrown005
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