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Economics Chapter 1

What is Economics?

to distribute scarce resources, in order to satisfy the greatest needs and wants. allocate
direct exchange of goods and services without the use of money. barter barter
a building, machine, or tool that is used to make goods or services. capital good
an item that is used in the production of other goods and services. capital resource
a finished product that is consumed by an individual. consumer good
one who buys goods and services for personal use. consumer
an exchange that allows consumers to use items with a promise of repayment. credit
the division of a complex procedure into small tasks. division of labor
study of how society uses scarce resources to satisfy unlimited wants/needs economics
someone who studies economic theory and applies it to the real world. economist
production of goods/services for the fewest resources for the greatest output. efficiency
someone who develops a new business or product. entrepreneur
abilities and risk taking involved in starting a new business or product. entrepreneurship
process by which people agree to provide one type of item in turn for another, exchange
a resource used to produce goods and services. factor of production
an object or material that can be purchased to satisfy human wants or needs. good
any human activity mental or physical used in the production process human resource
relationship of mutual reliance among people, businesses, or nations. interdependence
study of entire economy or one of its principle sectors. macroeconomics
study of a single factor of an economy such as individual or households microeconomics
any item, typically currency, that is commonly accepted in exchange for goods money
any material provided by nature that can be used to produce services natural resource
graphic representation showing the possible combinations or 2 goods or services that can be produced in a period of time. production possibilities curve
value of the next best alternative action that is not taken. opportunity cost
level of output that results from a given level of output. productivity
anything used to produce goods or service. economic resource
condition of limited resources and unlimited needs and wants. scarcity
ability to fulfill all of one’s needs without assistance. self-sufficiency
any action or activity that is performed for a fee. service
worth of goods/services to exchange, what consumer is willing to pay for an item value
the sacrifice of one good in order to purchase or produce another. trade-off
the usefulness of a good or services that contributes to value. utility
scientific techniques used to produce existing products more efficiently or higher quality. technology
Created by: shupeer



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