Help
Options
Didn't know it?
click below
click below
Knew it?
click below
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
Normal Size Small Size show me how
ECON 1 Foundations
ECON - Foundations
| Term | Definition |
|---|---|
| Scarcity | how people satisfy unlimited wants and needs with limited resources. |
| Land | natural resources needed to produce something |
| Labor | human effort needed to produce something |
| Capital | human-made resources or equipment needed to produce something |
| Entrepreneurship | what makes a product unique |
| Human Capital | knowledge, skills, and health that people invest in and accumulate throughout their lives |
| Tradeoff | choosing one thing over another |
| Opportunity Cost | what you have to give up to buy what you want in terms of other goods or services, or the next best thing |
| Utility | usefulness of an item |
| Opportunity Benefit | benefit you will gain with your selected choice over the benefit of alternative choices you did not select |
| Marginal Cost | increase in total cost when producer increases output by one unit |
| Marginal Benefit | additional gain from consuming or producing one more unit of a good or service |
| Division of Labor | separation of a work process into a number of tasks, with each task performed by different people |
| Specialization | process wherein a company or individual decides to focus their labor on a specific type of production |
| Consumer Good | good purchased for consumption and not used later to produce another consumer good |
| Capital Good | goods to produce final goods |
| Production | combining various inputs, both material and immaterial in order to create final product |
Created by:
ddenson80
Popular Economics sets