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Eco Chapter 1 Vocab

TermDefinition
Economics Study pf how people and societies use limited resources to satisfy their unlimited wants: Study of scarcity & choice.
Goods Tangible items of value; things we can see and touch (ie. Scissors, medicine, textbooks, food, etc).
Services Intangible things that have value; actions or activities
Factors of Production The "ingredients" that go into the production of goods and services: Human Resources, Natural Resources, Capital Resources, and Entrepreneurship.
Consumer One who purchases a good or service for personal use, a customer
Consumption The buying of final goods and services
Entrepreneurship The Process of bringing together natural resources, labor, and capital (High Risk, Not So High Reward).
Opportunity Costs The VALUE of a Trade-off (ie. the opportunity Costs of egging someone are satisfaction, fun, retribution, jail time)
Trade-off One thing is given up to obtain another; A list of alternatives (ie. you use an egg to bake a cake, but you could've used it to egg someone)
Marginalism The usefulness of adding one more item to the production of a good or service.
Scarcity Not having enough resources to fill people's wants and needs. The basic problem of economics
Economic Model A simplified way of looking at an economic problem such as a statement, graph, or mathematical formula.
Economist Professional who studies the ways in which society allocates its resources to satisfy its wants.
Microeconomics Choices made by individual parts of the economy such as workers, households, and companies.
Macroeconomics Examines the behaviors of entire societies; study of the impact of changes on the economy as a whole.
Created by: Fant4stic
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