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Economics Unit 1

TermDefinition
Scarcity problem of having unlimited wants in a world of limited resources.
Marginal Benefit satisfaction or utility gained from consuming one more unit of a good or service.
Marginal Cost expense incurred to produce one more unit of a good or service.
Opportunity Cost the next best alternative that is foregone when making a decision.
Trade Offs balancing of competing factors, where choosing one option often requires sacrificing another.
Factors of Production: Land forests and minerals.
Factors of Production: Labor paperwork and building a house
Factors of Production: Capital Factory and storage.
Factors of Production: Enterprise innovation and decision making
Traditional relies on customs (Hati)
Command relies on government (Cuba)
Market relies on supply and demand (Japan)
Mixed combines both capitalism and socialism (U.K)
Voluntary Exchange both parties willingly trade goods or services.
Private Property Rights allow individuals or entities to own, use, and dispose of assets
Profit Motive the driving force
Production Possibilities Curve the maximum combinations of two goods or services an economy can produce
Specialization focusing on a specific task or product in the production
Created by: noodls41poodle
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