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Chapter 1 Key Terms
ECO 251
| Term | Definition |
|---|---|
| Economics | study of how people use their limited resources/time to try to satisfy their unlimited wants |
| macroeconomics | the study of the economy as a whole |
| microeconomics | study of the individual parts of the economy, such as firms and households |
| scarcity | occurs when human wants exceed the time/resources available to satisfy them |
| resources | inputs used to produce goods |
| land | things from nature to produce goods (farms, timber, water) |
| labor | physical and mental abilities used to produce goods (any job) |
| capital | anything that is man-made and used to produce goods (factories, equipment, computers) |
| entrepreneurship | ability to see an opportunity and take the necessary risk to acquire resources and use them productively |
| economic good | a tangible item/service that adds to human happiness |
| utility | the satisfaction received from consuming a good |
| economic efficiency | producing the most valuable combination of goods from the given resources available |
| productive efficiency | producing a given output at lowest possible cost |
| allocative efficiency | producing the goods that people most want |
| economic equity | achieving a fair distribution of goods |
| opportunity cost | the value of the best alternative surrendered when a choice is made |
Created by:
SavanahT
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