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Economics Terms

TermDefinition
Shifters of Demand Taste or preferences, income, price of related goods, # of consumers, future expectations
Shifters of Supply Price/availability of resources, # of sellers, future expectations of profit, government action (taxes or subsidies), technology
Factors of production Land, Labor, Capital (human or physical), entrepreneurship
Human Capital any skill, knowledge, or experience possessed by an individual or population
Capital goods Goods used to make consumer goods (factories, blenders, etc.)
Consumer goods Things that are able to be consumed or used up (apple, pencil, tissue, etc.)
Scarcity Unlimited wants but limited resources
Opportunity Cost The most desirable alternative given up when you make a choice
Utility Satisfaction
Marginal Additional
Allocate Distribute
3 Shifters of PPC Change in resource quantity/quality, change in technology, change in trade
Created by: harrisonmoore14
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