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chapter one terms

Scarcity A situation in which there is not enough of a resource to meet all of everyone's wants.
Economics The social science that seeks to understand the choices people make in using scarce resources to meet their wants.
Microeconomics The branch of economics that studies the choices of individuals, including households, business firms, and government agencies.
Macroeconomics The branch of economics that studies large-scale economic phenomena, particularly inflation, unemployment, and economic growth.
Factors of Production The basic inputs of labor, capital, and natural resources used in producing all goods and services.
Labor The contributions to production made by people working with their minds and muscles.
Capital All means of production that are created by people, including tools, industrial equipment, and structures.
Natural Resources Anything that can be used as a productive input in its natural state, such as farmland, building sites, forests, and mineral deposits.
Opportunity Costs The cost of a good or service measured in terms of the forgone opportunity to pursue the best possible alternative activity with the same time or resource.
Economic efficiency A state of affairs in which it is impossible to make any change that satisfes one person's wants more fully without causing some other person's wants to be satisfied less fully.
Efficiency in production A situation in which it is not possible, given available knowledge and productive resources, to produce more of one good without forgoing the opportunity to produce some of another good.
Investment The act of increasing the economy's stock of capital-that is its supply of means of production made by people.
Entrepreneurship The process of looking for new possibilities-making use of new ways of doing things, being alert to new opportunities, and overcoming old limits.
Comparative Advantage The ability to produce a good or service at a relatively lower opportunity cost that someone else.
Efficiency in Distribution A situation in which ti is not possible, by redistributing existing supplies of goods, to satisfy one person's wants more fully without causing some other person's wants to be satisfied less fully.
Positive Economics The area of economics that is concerned with facts and the relationships among them.
Normative economics The area of economics that is devoted to judgments about whether economic policies or condition are good or bad.
Market Any arrangement people have for trading with one another.
Theory A representation of the way in which facts are related to one another.
Model A synonym for theory; in economics, often applied to theories that are stated in graphical or mathematical form.
Production Possibility Frontier A graph that shows possible combinations of goods that can be produced by an economy given available knowledge and factors of production.
Empirical Based on experience or observation
Conditional Forecast A prediction of a future economic events in the form "If A, then B, other things being equal"
Created by: fugue009