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Economics Voc Chpt1

QuestionAnswer
economics the study of how people make choices about ways to use limited resources to fulfill their wants.
microeconomics the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms.
macroeconomics the branch of economic theory dealing with the economy as a whole and decision making by large units such as governments.
scarcity basic economic problem that results from a combination of limited resources and unlimited wants.
factors of production resources of land, labor, capital, and entrepreneurship used to produce goods and services.
land natural resources and surface land and water.
labor human effort directed toward producing goods and services.
goods tangible objects that can satisfy people's wants or needs.
services actions that can satisfy people's wants or needs.
capital previously manufactured goods used to make other goods and services.
productivity the amount of output (goods and services) that results from a given level of inputs (land, labor, capital, and entrepreneurship).
entrepreneurship when individuals take risks to develop new products and start new businesses in order to make profits.
technology the use of science to develop new products and new methods for producing and distributing goods and services.
trade-off sacrificing one good or service to purchase or produce another.
opportunity cost value of the next best alternative given up for the alternative that was chosen.
production possibilities curve graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
economy the production and distribution of goods and services in a society.
economic models a theory or simplified representation that helps explain and predict economic behavior in the real world.
hypothesis an assumption involving two or more variables that must be tested for validity. (an educated guess or prediction)
values the beliefs or characteristics that a person or group considers important. )such as religious freedom, equal opportunity, individual initiative, freedom from government meddling and so on)
Created by: mmalone15
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