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Economics Chapter 1
What is Economics?
| Question | Answer |
|---|---|
| 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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