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Eco Foundations
Nrhsecovit Vocabulary for Unit one
| Question | Answer |
|---|---|
| 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, |
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