deals with the choices we make, individually and as a society, under conditions of scarcity

exists when we desire more of something then we can have

when you give up one thing to get something else

the value of the next best alternative given up when that choice is made

basic elements from which all goods and services are produced

anything drawn from nature to use in the production of goods or services. stuff from earth

time and effort people contribute to the production process, workers

willingness of people to organize, operate, and assume the risks involved within business

production possibilities frontier (PPF)

curve that shows the maximum quality of one good that can be produced for each possible quantity of another good produced

efficiency and growth

an economy is efficient if there is no opportunity to make someone better off without making anyone worse off

output that are inside the ppf

represents inefficient production

output that lies outside the ppf

represents infeasable points since the economy doesn't have enough resources to produce. those combinations of goods

law of increasing opportunity cost

opportunity cost of a good rises as more of the good is produced

an increase in the ability to produce goods and services over time

how people make decisions affect others in the economy

study of the economy as a whole at once

study of what the world is like and why it does. facts and cause and effect relationships

study the way things should be. brings opinions and ideals into the process of answering question

collection of buyers and sellers wherever they may be

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

ecomnogy

Term	Definition
economics	deals with the choices we make, individually and as a society, under conditions of scarcity
scarcity	exists when we desire more of something then we can have
tradeoff	when you give up one thing to get something else
opportunity cost	the value of the next best alternative given up when that choice is made
goods	physical items
resources	basic elements from which all goods and services are produced
services	activities produced
land	anything drawn from nature to use in the production of goods or services. stuff from earth
labor	time and effort people contribute to the production process, workers
entrepreneurship	willingness of people to organize, operate, and assume the risks involved within business
production possibilities frontier (PPF)	curve that shows the maximum quality of one good that can be produced for each possible quantity of another good produced
efficiency and growth	an economy is efficient if there is no opportunity to make someone better off without making anyone worse off
output that are inside the ppf	represents inefficient production
output that lies outside the ppf	represents infeasable points since the economy doesn't have enough resources to produce. those combinations of goods
law of increasing opportunity cost	opportunity cost of a good rises as more of the good is produced
economic growth	an increase in the ability to produce goods and services over time
microeconomics	how people make decisions affect others in the economy
macroeconomics	study of the economy as a whole at once
positive economics	study of what the world is like and why it does. facts and cause and effect relationships
normative economics	study the way things should be. brings opinions and ideals into the process of answering question
market	collection of buyers and sellers wherever they may be

Created by: 1234lol

"Know" box contains:
Time elapsed:
Retries: