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Economics Terms 1

QuestionAnswer
Need something that is necessary for survival
Want something of desire that is not needed for survival
Economics the study of how people seek to satisfy their needs and wants by making choices
goods physical objects
services actions or activities performed for another
scarcity limited resources for unlimited wants
shortage when a good or service is unavailable
factors of production land, labor, and capital
land natural resources used to make goods and services
labor effort that people devote to a task for which they are paid
capital any human made resource used to create other goods and services
physical capital all human made goods used to produce other goods and services
human capital skills knowledge gained by a worker through education and experience
entrepreneur a leader who combines land, labor, and capital to create and market goods and services
trade-offs an alternative that we sacrifice when we make a decision
guns vs. butter a phrase referring to trade-offs that nations face when choosing whether to produce more or less military or consumer goods
opportunity cost the most desirable alternative given up as the result of a decision
thinking at the margin deciding whether to do or use one additional unit of some resource
production possibilities curve a graph that shows alternative ways to use an economy's resources
production possibilities frontier the line on a porduction possibilities graph that shows the maximum possible output
efficiency using resources in such a way as to maximize the production of goods and services
underutilization using fewer resources than an economy is capable of using
cost to an economists, the alternative that is given up because of a decision
Created by: whysayname