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Econ Unit 1
Introductory Terms
| Question | Answer |
|---|---|
| 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 |
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