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Vocabulary Chap 1

Scarcity limited resources and unlimited wants
Economics the study of how people try to meet unlimited needs and wants with limited resources
Need basic requirement for survival
Want a desired item or service not required for survival
Factors of Production resources needed to produce goods and services: Land, Labor, Capital, and Entrepreneurs
Land natural resources ex: deserts, fertile fields, forests, minerals, livestock, sunshine, climates, etc.
Capital or Capital Goods tools, equipment, machinery, and factories used in the production of goods and services
Financial Capital money used to buy the tools and equipment used in production
Labor people with all their effort, skills, and abilities *does not include entrepreneurs, which are in a different category
Entrepreneur risk-taker in search of profit who does something new with existing resources
Production process of creating goods and services
Gross Domestic Product or GDP dollar value of all finished goods, services, and structures produced within a country's borders in a 12-month period *Formula: C+Ig+G+Xn
Economic Products goods and services that are useful, relatively scare, and transferable to others
Good item that is useful and satisfies a need or a want
Consumer Good intended for final use by individuals
Capital Good manufactured goods are used to produce other goods and services
Service work that is performed for someone
Paradox of Value situation where some needs have little monetary (money) value, but some wants have much higher monetary (money) value ex: water and diamonds
Utility capacity to be useful and provide satisfaction
Wealth accumulation of goods
Market mechanism that allows buyers and sellers to exchange a certain economic product
Factor Markets markets where resources used in production (equipment, ect) are bought and sold
Product Markets markets where producers sell their goods and services to consumers
Economic Growth a nation's total output of goods and services increases over time
Productivity measure of the amount of output produced by a given amount of inputs in a specific period of time
Division of Labor work is arranged so that individual workers do fewer tasks
Specialization people or machines perform tasks that they can do relatively more efficiently than others
Human Capital the sum of skills, abilities, health, and motivation of people
Economic Interdependence two or more groups relying on each other to provide the goods and services for the economy
Trade-Offs alternative choices
Opportunity Cost the cost of the next best alternative when one choice is made over another ex: money, time, resources, ect.
Production Possibility Frontier a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
Cost-Benefit Analysis way of thinking that compares the costs of an action to the benefits received
Free Enterprise Economy economy in which the individuals and business owners answer the majority of the 'what', 'how', and 'for whom' questions rather than the government
Standard of Living quality of life based on the possession of the necessities and luxuries that make life easier
Created by: kvanolson