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Economics
| Term | Definition |
|---|---|
| Economics | The study of how society chooses to use scarce resources to satisfy its unlimited wants. |
| Economist | Someone who studies economic theory and applies it to the real world. |
| Microeconomics | The study of a single factor of the economy rather than economy as a whole. |
| Macroeconomics | The study of an entire economy or one of its principle sectors. |
| Consumers | One who buys goods and services for personal use. |
| producers | A person, group, or business that makes goods or provides services to satisfy consumers. |
| Goods | An object or material that can be purchased to satisfy human wants and needs. |
| Resources | Anything used to produce goods or services. |
| Services | Any action or activity that is performed for a fee. |
| Factors of production | A resource used to peoduce goods and services. |
| Natural resources | In economics any material provided by nature that can be used to produce goods and provide services. |
| Human resources | Any human activity mental or physical used in any production process. |
| Capital resources | An item that is used in the production of other goods and services. |
| Capital goods | A building, structure, machine or tool that is used to produce goods and services. |
| Consumer goods | A finished product that is consumed by an individual. |
| Technology | Scientific and technical techniques used to produce existing products more efficiently. |
| Entrepeneurship | The organizational activities and risk taking involved in starting a new business |
| Entrepenuer | Someone who undertakes and develops a new business. |
| Scarcity | The fundamental condition of economics that results from the combination of limited resorces and unlimited wants. |
| Allocate | To distribute scarce resources in order to satisfy the greatest number of needs and wants. |
| Productivity | The level of output that results from a given level of input. |
| Efficiency | The production of goods and services using the smallest amount of resources for the greatest number of output. |
| Division of labor | Division of a complex procedure into small tasks. |
| Specialization | The focus of a worker on only one or a few aspects of production. |
| Trade off | The sacrifice of one good in order to purchase or produce another. |
| Opportunity costs | The value lost by rejecting one use of resources in favor of another. |
| Production possibilities curve | A graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated period. |
| Exchange | The process by which producers and consumers agree to provide one type of item in return for another. |
| Barter | The direct exchange of goods and services without the use of money. |
| Money | Any item typically currency that is commonly accepted in exchange for goods. |
| Credit | A form of exchange that allows consumers to use items with a promise of repayment over a specified time. |
| Value | The worth of a good or service for the purpose of exchange expressed as the amount of money that a consumer is willing to pay for service. |
| Utility | The usefulness of a good or service that contributes to its value. |
| Self Suffiencecy | The ability to fulfill all of ones needs without assistance. |
| Interdependence | The relationship of a neutral reliance of influence among people. |
Created by:
sautub
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