Chapter 1
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| Economics | A social science dealing with how best to allocate scarce resources to satisfy unlimited wants.
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| Microeconomics | Individual decision-making units such as firms.
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| Microeconomics | Broad economic aggregates rather than individuals units.
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| Positive approach | Deals with the way things are.
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| Normative approach | The way things should be.
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| Scarcity | The key economic problem (Everything that exist is limited)
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| Four categories of resources | labor-workers land-natural resources capital-tools and factories entrepreneurship-Those willing to develop new products or techniques.
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| Opportunity cost | Choosing a particular action as the highest valued alternative
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| Human Resources/Capital | Health, education, experience, training, skills and values of people
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| Goods | Tangible objects that satisfy economic wants
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| Services | Activities performed by someone to satisfy economic want
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| Trade-off | Giving up one benefit in order to gain something more desirable
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| Productivity | The amount of output produced per unit of input used.
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| Choice | Decision made or course of action taken when faced with a set of alternatives.
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| Products | Something manufactured or refined for sale.
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| Production | The act or process of manufacturing or refining something.
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| Cost | The effort, loss or sacrifice necessary to achieve or obtain something.
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| Specialization | Producing a lower range of goods and services than they consume.
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| Consumers | People who use goods and services to satisfy personal needs.
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| Producers | People and firms that use resources to make goods and services.
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| Supply | The amount of a good or service that producers are willing and able to offer for sale at each possible price during a given time.
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| Demand | The quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
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| Utility | An abstract measure of the satisfaction consumers derive form consuming goods and services.
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| Benefit | Monetary or non monetary gain recieved because of an action taken or a decision made.
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| Decision Making | Reaching a conclusion after consider alternatives and their results.
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| Incentive | Any reward such as money that motivates people to do something .
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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