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Economics Vocab 1
| Term | Definition |
|---|---|
| Scarcity | Economic problem about not having enough resources to satisfy everyone's needs and wants |
| Need | Basic requirement for survival |
| Good | Tangible product used to satisfy needs and wants |
| Economics | Social science about satisfying needs and wants |
| Want | Something we would like to have but isn't necessary for surival |
| Durable good | Good that lasts at least 3 years while being used regularly |
| Nondurable good | Good that wears out or is used up before 3 years of use |
| Consumer good | Good meant to be used by customers rather than businesses |
| Capital good | Goods used to produce other goods |
| Service | Work performed or provided to customers |
| Value | Monetary worth determined by market |
| Paradox of value | Contradiction between high value of nonessential goods and low value of essential goods |
| Utility | Ability/capacity of a good or service to be useful and satisfy someone |
| Wealth | Sum of tangible economic goods that are scarce, useful, and transferable; excluding services |
| Gross domestic product | Monetary value of final goods, services, and structures produced within a country's borders over a 1-year time span |
| Factors of production | Production resources needed to produce goods: land, capital, labor, and entrepreneurship |
| Land | Natural resources not made by human effort |
| Capital | Tools, equipment, and factories used in production of goods and services |
| Labor | People and their abilities and efforts, excluding the entrepreneur |
| Entrepreneurs | Risk-takers introducing new products or service for profit |
| Production possibilities curve (frontier) | Diagram representing all possible combinations of goods and services an economy can produce when all resources are efficiently used |
| Opportunity cost | Cost of next best alternative use of money, time, or resources when a choice is made |
| Trade-offs | Alternative given up when choices are made |
| Consumerism | Social movement aimed at promoting the interests of consumers |
| Economic growth | Increase in nation's total output of goods and services over time |
| Productivity | Measure of amount of output produced in a time period with a given amount of resources, e.g labor |
| Human capital | Sum of people's skills, abilities, health, and motivation |
| Division of labor | Division of work into numbers of separate tasks for different workers |
| Specialization | Assignment of tasks to workers, factories, regions, or nations based on efficiency |
| Market | Meeting place or mechanism for buyers and sellers to come together |
| Factor markets | Markets in which productive resources are bought and sold |
| Product markets | Market in which goods and services are bought and sold |
| Economic model | Simplified graph/chart/etc. of complex concept or behavior |
| Cost-benefit analysis | Comparison of cost of action to its benefits |
| Free enterprise economy | Market economy in which privately owned businesses have freedom to operate and profit with limited government intervention |
| Standard of living | Quality of life based on ownership of necessities and luxuries that make life easier |
Created by:
s1ushie
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