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T-EPF M1L1 Key Terms

Traditional EPF Module 1 Lesson 1 Key Terms

TermDefinition
Economics The study of how we make decisions in a world of limited resources.
Microeconomics Studying the economic decisions made by individuals and businesses.
Macroeconomics Studying the economy as a whole and decisions made by larger units such as the government or entire industries.
Opportunity Cost The cost of the next best alternative use of time or money when choosing to do one thing instead of another.
Resource Something used to make something else.
Economic Model Charts, graphs, or another representation used to help us make economic decisions.
Trade-Off The alternative you face if you decide to do one thing rather than another.
Marginal Cost The cost of producing one more of an item.
Marginal Benefit The benefit or money made from producing one more of an item.
Cost-Benefit Analysis A comparison of the cost of production versus the benefit of production.
Fixed Costs Expenses that are the same no matter how much or how little you produce.
Variable Costs Expenses that change when the number of items produced changes.
Total Costs Fixed costs plus variable costs.
Goods Products that we use to satisfy our wants and needs.
Services Work performed by a person for someone else.
Factors of Production Resources needed to produce goods and services.
Natural Resources Things we find in nature used to make goods or services.
Laissez Faire Economics The government does not regulate the economy or is “hands-off.”
Labor The human effort used to produce goods or services.
Capital Previously manufactured goods used to make new goods and services.
Entrepreneur People who start a business or invent a new product.
Traditional Economy An economic system in which people do things the way they have always been done which emphasizes the trading and bartering of products and services.
Command Economy An economic system in which the government owns all the factors of production (land, factories) and makes all the decisions.
Market Economy These are also called capitalist economies. It is an economic system in which citizens own the factors of production.
Mixed Economy An economic system that combines elements of a command and market economy.
Wants Things we would like to have.
Needs Things that are necessary for survival.
Invisible Hand The idea that there are unseen motivations for producers and consumers that cause a market economy function for the best interest of everyone.
Human Capital Investing in employees to help in the production of goods and services.
Republic Ruled by the people typically through a representative body and governed by a Constitution.
Constitutional Monarchy When a monarch is limited by a Constitution and often serves as a symbolic leader of their country.
Anarchy The absence of a governing body.
Absolute Monarchy Rule by a King or Queen, power is passed down hereditarily, without limits.
Communism Type of command economy when one political party holds power and makes all the economic decisions with the stated goal of making progress towards greater economic equality. There is no private ownership or social class distinctions. The production of goods is to provide for basic needs.
Socialism Type of command economy in which a government owns the factors of production and states to seek a more fair distribution of property and labor. There is limited private ownership and limited social class distinctions. The production of goods is to provide for societal needs.
Created by: dmcsorley13
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