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Econ Vocab U1

Unit 1 Vocabulary Economics

TermDefinition
Economics The study of how people seek to satisfy their needs and wants by making choices.
Entrepreneur A person who decides how to combine resources to create goods and services.
Factors of Production The resources that are used to make goods and services.
"Guns or Butter" A phrase expressing the idea that a country that decides to produce more military goods "guns" has fewer resources to produce consumer goods "butter" and vice versa.
Goods The physical objects that someone produces.
Laissez Faire The doctrine that government generally should not intervene in the marketplace.
Macroeconomics The study of economic behavior and decisions in a nation's whole economy.
Microeconomics The study of economic behavior and decision-making in small units, such as households and firms.
Need Something essential for survival.
Opportunity Cost The most desirable alternative given up as the result of a decision.
Productions Possibilities Frontier A line on a production possibilities curve that shows the maximum possible output an economy can produce.
Productions Possibilities Curve The maximum output that an economy can sustain over a period of time without increasing inflation.
Safety Net A set of government programs that protect people who face unfavorable economic conditions.
Scarcity The principle that limited amounts of goods and services are available to meet unlimited wants.
Services The actions or activities one person performs for another.
Specialization The concentration of the productive efforts of individuals and businesses on a limited number of activities.
Shortage A situation in which consumers want more of a good or service than producers are willing to make available at a particular rate.
Want Something that people desire but that is not necessary for survival.
Actual Factors of Production Land, labor, physical capital, human capital, and entrepreneurs.
Created by: Cady:)
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