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Micro - ch 1A

QuestionAnswer
economics Study of society's optimal use of scarce resources in the production, distribution and consumption of goods and services.
social science A study of human society and social relationships - people in society and how they interact with each other.
scarcity The condition that human wants exceed the ability to produce goods and services from our limited resources to satisfy these wants (and needs).
efficiency Resources are being used in the best possible way to avoid waste. This ensures that society gets the most (the maximum output) from its available resources.
factors of production All resources or inputs (land, labor, capital and entrepreneurship) used to produce goods and services.
opportunity cost The value of the next best alternative sacrificed (given up) in order to obtain something else.
land Factor of production which includes all natural resources: land and agricultural land as well as minerals, oil reserves, forests, rivers and lakes.
resource allocation assigning available factors of production to specific uses chosen among many possible alternatives
physical capital (capital) man-made factor of production (tools, machines, equipment, factories, etc.)
human capital The education, training and experience embodied in the labor force of an economy.
entrepreneurship (management) The willingness and ability of certain individuals to organize the other three factors of production to take risks.
free good A good with no opportunity cost.
potential output greatest possible output - on the PPC
production possibility frontier (curve) A diagram that shows the combinations of output the economy can possibly produce given the available factors of production and the available production technology.
economic good A good with an opportunity cost.
infrastructure Refers to the road system, rail system, the harbors, airports and telecommunications that a country has and which facilitate economic activity as they lower production and transaction costs.
productivity The amount of goods and services produced from each unit of labor input
actual output quantity of output actually produced - always inside the PPC
natural capital environmental capital which included everything that is included in land such as air, biodiversity, soil quality, global climate
labor Human efforts (both skilled and unskilled) used in the production of goods and services.
Created by: econteacher