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Econ Unit 1

Introductory Terms

QuestionAnswer
the study of how people see to satisfy their needs and wants by making choices economics
the principle that limited amounts of goods and services are available to meet unlimited wants scarcity
something essential for survival such as food or clothing need
something that people desire but that is not necessary for survival want
the physical objects that people businesses or governments buy good
the actions or activities that one person performs for another service
anything that people uset o make things or do work resources
a situations in which people want more of a good or service than producers are willing to supply at a particular price shortage
a person who decides how to combine resources to create goods and services entrepreneur
the resources that are used to make goods and services factors of production
all natural resources used to produce goods and services land
the effort people devote to tasks for which they are paid labor
any human-made resource used to produce goods and services capital
the human-made objects used to create other goods and services physical capital
the knowledge and skills gained from education and experience human capital
the alternatives that we give up when we choose one course of action over another trade-off
the most desireable alternative given up as the result of a decision opportunity cost
a process in which you compare what you will sacrifice and gain by a specific action cost-benefit analysis
the extra cost of adding one unit marginal cost
the extra benefit of adding one unit marginal benefit
the total amount a business brings in by selling a good or service revenue
the amount of money made after costs of production are subtracted from revenue profit
the factors of production that go into the money required to produce a good or service costs of production
money paid at a particular rate for the use of someone;s money interest
a home loan mortgage
I = PrT the equation for calculating simple interest problems
QxP equation for revenue
the idea that the more one gets of something the less valuable each additional unit may be law of diminishing marginal returns
is the additional satisfaction expected from each additional unit marginal utility
the rate of output per input; the amount that can be produced in a given time period productivity
when people become experts a a specific skill specialization
man-made tools that are used to make new things technology
a cost that doesn't change as output changes fixed cost
a cost that changes as output changes variable cost
dividing up a large task into smaller jobs division of labor
Created by: youmansm
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