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FCSDEcon-Ch 1

Economics Vocab PH Ch 1

need something that is necessary for survival (air, food, shelter)
want an item that is wanted but not necessary for survival
economics the study of how people seek to satisfy their needs and wants by making choices
goods physical objects sucj as clothes or shoes
services actions or activities that one person performs for another
scarcity limited quantities of resources to meet unlimited wants
shortage a situation in which a good or service is unavailable
factors of production land, labor & capital; the 3 groups of resources that are used to make all goods and services
land natural resources that are used to make goods and services
labor the effort that people devote to a task for which they are paid
capital any human-made resource that is used to create other goods and services
physical capital all human-made goods that are used to produce other goods and services; tools and buildings
human capital the skills and knowledge gained by a worker throught education and experience
entrepreneur ambitious leader who combines land, labor and capital to create and market new goods and services
trade-off an alternative that we sacrifice when we make a decision
guns or butter a phrase that refers to the trade-offs that nations face when choosing whether to produce military or consumer goods
opportunity costs the most desirable given up as a result of a decision
thinking at the margin deciding whether to do or use one additional unit of some resource
production possibilities a graph that shows alternative ways to use an economy's resources
production possibilities frontier the line on a production possibilities graph that shows the maximum possible output
efficiency using resources in such a way as to maximize the production of goods and services
underutilization using fewer resources than an economy is capable of using
cost to an economist, cost is the alternative that is given up because of a decision
law of increasing costs as we shift factors of production from making one good or service to another, the cost of producing the second item increases
Created by: fcsdklw



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