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Basic Econ Concepts
| Term | Definition |
|---|---|
| Scarcity | the demand for a good or service is greater than the availability of the good or service. |
| Economics | the study of choice, given the scarcity of time and money |
| Marginal Benefit | the additional benefit arising from “one more” |
| Marginal Cost | the additional cost arising from “one more” |
| Cost | the monetary value of goods and services that producers and consumers purchase |
| Benefit | an advantage or profit gained from something. (Note: An economic benefit is any benefit that we can quantify in terms of the money that it generates.) |
| Opportunity Cost | the value of the next-highest-valued alternative use of that resource. Ex: you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else. |
| 4 Factors of Production | Land, Labor, Capital and Entrepreneurship |
| 3 Economic Questions | What will be produced? How will it be produced? How will the output society produces be distributed? |
| tangible | Able to be felt by touch. For example, a book is tangible: you can touch and feel it. |
| intangible | Not able to be felt by touch. For example, an economics lecture is intangible. |
| goods | Anything that satisfies a person’s wants or brings satisfaction; also, tangible products. |
| utility | The quality of bringing satisfaction or happiness. |
| services | Tasks that people pay others to perform for them. |
| land | All the natural resources found in nature. An acre of land, mineral deposits, and water in a stream are all considered land. |
| labor | The physical AND mental talents that people contribute to the production of goods and services. |
| capital | Produced goods that can be used as resources for further production. Such things as factories, machines, tools and farm tractors are capital. |
| entreprenuership | The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things. |
Created by:
scotts.moore
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