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Economics Vocab Word

TermDefinition
Wants desires that can be satisfied by consuming a good or a service
Needs things, such as food, clothing and shelter that are necessary for survival
Scarcity situation that exists when there are not enough resources to meet human wants
Economics the study of how people choose to use scarce resources to satisfy their wants
Goods physical objects that can purchased, such as furniture, food or clothing
Services work that one person performed for another payment such as sales clerks and technicians
Producer a person who makes goods and provides services
Consumer a who buys goods or services for personal use
Factors of production resources needed to produce goods and services
Land all natural resources found on or under the ground that are used to produce goods and serves
Labor all human time, effort and talent that go into making of a product
Capital all the resources made or used by people to produce and distribute goods and services such as tools and machinery
Entrepreneurship combination of vision, skill, ingenuity, and willingness to take risks that is needed to create and run new businesses
Incentives benefits offered to encourage people to act in certain ways
Utility satisfaction gained by a good or service
Trade off alternative that you give up when you make an economic decision, involving giving up one to gain more of a another ( act of giving up one thing to get something else)
Opportunity Cost decision is the value of the next best alternative or what you give up by choosing one alternative over another (most valuable option you missed out on)
Marginal Cost the cost of using one more unit of a good or service
Marginal Benefit satisfaction received from using one more unit of a good or service
Allocation assigning how we and use limited things like money, time and materials to meet our needs
Created by: user-1895423
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