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Entrepren - Econ

Entrepreneurship - Economic Terms

QuestionAnswer
Items that are not a necessity for survival Wants
Items that are necessary for survival Needs
Tangible objects that satisfy people's wants Goods
Intangible activities that people do for others to satisfy their wants Services
Unlimited Wants and Limited Resources Scarcity
Gifts of nature; present without human intervention Natural Resources
Goods produced and used to make other goods and services Capital Resources
The quantity and quality of human effort directed toward producing goods or services Human Resources
An alternative that must be given up in order to pursue another choice Opportunity Cost
To Furnish, provide, or satisfy Supply
The state of being wanted or sought for purchase Demand
The quantity exceeds the quantity demanded at a particular price Surplus
The quantity demanded exceeds the quantity supplied at a particular price Shortage
The price at which the quantity demanded equals the quantity supplied Equilibrium Price
Specialization of tasks within a production process so that each worker can become a specialist in doing one thing, ex. Assembly line Specialization and Division of Labor
When more and more units of variable resource such as labor are added to a fixed resource such as capital, eventually the additional output associated with the variable resource declines Law of Diminishing Marginal Returns
Consumers generally receive less satisfaction from additional units of a good consumed Law of Diminishing Marginal Utility
Average cost per unit decreases as the quantity produced is increased Economies of Scale
Created by: mryan396
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