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Economics- Chapter 1

how people seek to satisfy their needs and wants Economics
best combination of costs and benefits Economize
a benefit offered to envourage people to act a certain way Incentive
the way society uses resources to satisfy people's wants Economic systems
give up something you value for something you want Voluntary Trade
lack of enough resources to satisfy everyone Scaracity
a situation in which a good or service is unavailable shortage
natural resources that are used to make goods and services land
the effort that people devote to a task for which they are paid labor
any human-made resource that is used to create other goods and services capital
all human-made goods that are used to produce other goods and services, tools and buildings Physical Capital
the skills and knowledge gained by a worker through education and experience Human Capital
ambitious leader who combines land, labor, and capital to create and market new goods and services Entrepreneur
an alternative that we sacrifice when we make a decision Trade-Off
a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods Guns or Butter
the most desirable alternative given up as the result of a decision Opportunity Cost
deciding whether to do or use one additional unit of some resource Thinking at the Margin
a graph that shows alternative ways to use an economy's resource Production Possibilities Curve
the line on the PPC that shows the max possible output Production Possibilities Frontier
using resources in such a way as to maximize the production of goods and services Efficiency
using fewer resources than an economy is capable of using Under utilization
to an economist, the alternative that is given up because of a decision Cost
law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases Law of Increasing Costs
Created by: wpsaracing96