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Eco Foundations

Nrhsecovit Vocabulary for Unit one

QuestionAnswer
want A thing that we desire to have
resource Anything that is used to produce goods and services
scarcity is the condition in which our wants are greater than our resources available to satisfy those wants
opportunity cost the most highly valued opportunity or alternative foregone when a choice is made
trade off a situation in which more of one thing neccessarily means less of something else
production possibilities frontier a graphical representation of all possible combinations of two goods that an economy can produce
rationing device is a way to decide who gets what and how much of available resources and goods
incentive Is a reward, economists think people respond predictably to these.
microeconomics one of the branches of economics that studies the behavior and choices of relatively small economic units, such as an individual or a single business firm.
macroeconomics one of two branches of economics that studies the behavior and choices as they relate to the entire economy
economics social science that studies the choices of people trying to satisfy their wants in a world of scarcity
TANSTAFL acronym meaning you cannot get something for nothing
utility quality of bringing value or satisfaction
disutility quality of bringing no value or dissatisfaction
factors of production land,labor,capital and entrepreneurship
capital refers to produced goods that can be used as resources for further production, physical and human types.
land An acre of woods, mineral deposits, and water in a stream are considered this type of resource
good a tangible item that satisfies a person's wants or brings satisfaction
service an intangible item, that others perform for you
labor type of resource which includes the physical and mental talents that people contribute to the productionof goods and services
entrepreneurship the special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
cost-benefit analysis Economists think in terms of this,since every choice has advantage and disadvantage,
marginal additional
externality unintended side effect
Three economic questions What goods to be produced? How will the goods be produced? For whom will the goods be produced?
free enterprise economic system in which individuals own most if not all of the resources and control their use, also called capitalism or free market
socialism an economic system in which the government controls and may own many of the resources
economic goals efficiency,equity,freedom,security,growth,
Created by: nrhsecovit