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economics
| Question | Answer |
|---|---|
| productive resources needed to produce goods; the four factors are land, capital, labor, and entrepreneurship | factors of production |
| natural resources or "gifts of nature" not created by human effort; one of the four factors of production | land |
| tools, equipment, and factories used in the production of goods and services; one of the four factors of production; does not include the entrepreneur | capital |
| people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur | labor |
| risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production | Entrepreneur |
| fundamental economic problem of meeting people's virtually unlimited needs and wants with scarce resources | scarcity |
| social science dealing with how people satisfy seemingly unlimited and competing needs and wants with the careful use of scarce resources | economics |
| basic requirement for survival, including food, clothing, and shelter | need |
| something would would like to have but is not necessary for survival | want |
| tangible economic product that is useful, transferable to others, and used to satisfy wants and needs | good |
| good that lasts for at least three years when used regularly | durable good |
| item that wears out, is used up, or lasts for fewer than three years when used regularly | nondurable good |
| good intended for final use by consumers other than businesses | consumer good |
| tool, equipment, or other manufactured good used to produce other goods and services; factor of prodcuction | capital good |
| work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment | service |
| monetary worth of a good or service as determined by the market | value |
| apparent contradiction between the high value of a nonessential item and the low value of an essential item | paradox of value |
| ability or capacity of a good or service to be useful and give satisfaction to someone | utility |
| sum of tangible economic goods that are scarce, useful, and transferable from one person to another; excludes services | wealth |
| monetary value of all final good services, and structures produced within a country's borders in a one year period | gross domestic product |
| diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed. | production possibilities curve |
| cost of the next best alternative use of money, time, or resources, when one choice is made rather than another | opportunity cost |
| alternative that must be given up when one choice is made rather than another | trade-offs |
| social movement that aimed at promoting interesting of consumers | consumerism |
| increase in a nations total output of goods and services overtime | economic growth |
| measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production | productivity |
| sum of people's skills, abilities, health, and motivation | human capital |
| division of work into a number of separate tasks to be performed by different workers | division of labor |
| assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently | specialization |
| mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region or nation | economic interdependence |
| meeting place or mechanism in which goods and services are bought and sold | market |
| markers in which productive resources are bought and sold | factor markets |
| market in which goods and services are bought and sold | product markets |
| simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram | economic model |
| comparison of the cost of an action to its benefits | cost benefit analysis |
| market economy in which privately owned businesses have the freedom to operate for the profit with limited government intervention | free enterprise economy |
| quality of life based on ownership of necessities and luxuries that make life easier | standard of living |
Created by:
GraceMoore123