Definitions for first test Keely Spugnardi
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| Wants | desires that can be satisfied by consuming a good or service
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| Needs | things such as food, clothing, & shelter that are necessary for survival
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| Scarcity | situation that exists when there are not enough resources to meet human wants
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| Economics | study of how individuals & societies satisfy their unlimited wants with limited resources
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| Goods | physical objects such as clothing, food, and furniture that can be purchased
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| Services | work that one person does for another for payment
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| Consumer | person who buys goods or services for personal use
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| Producer | person who makes goods or provides services
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| Factors of Production | economic resources needed to produce goods & services
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| Land | all natural resources on or under the ground that are used to produce goods & services
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| Labor | all the human time, effort, & talent used to produce goods and services
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| Capital | all resources people make and use to produce and distribute goods and services
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| Entrepreneurships | combonation of vision, skill, ingenuity, and willingness to take risks that is needed to create and run a new business
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| Incentives | benefit offered to encourage people to act in a certain way
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| Utility | benefit or satisfaction gained from using a good or service
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| Economize | to make decisions according to what is believed to be the best combonation of costs and benefits
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| Trade-Off | alternative someone gives up when making an economic choice
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| Opportunity Cost | value of something that is given up by choosing one alternative over another
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| Cost-Benefit Analysis | Practice of examing the costs and expected benefits of a choice as an aid to decision making
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| Marginal Cost | additional cost of producing or using one or more unit of a good or service
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| Marginal Benefit | benefit or satifaction gained from using one or more unit of a good or service
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| Economic Model | a simplified representation of economic activites, systems, or problems
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| Production Possible Curve | graph used to illustrate the impact of scarcity on an economy
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| Efficiency | condition in which economic resources are used to produce the maximum amount of goods and services
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| Underutilization | condition in which economic resources are not being used to their full potential, resulting in fewer goods and services
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| Law of Incresing Oppourtunity Costs | States that as production switches from one production to another, increasingly more resources are needed to increase the production of the second product, which causes oppurtunity costs to rise
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| Statistics | numerical data
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| Microeconomics | study of the behavior of indiviual players- such as individuals and families- in an ecomy
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| Macroeconmics | study of behavior of ecomony as a whole
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| Positive Economics | way of describing & explaining economics as it is
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| Normative Economics | way of describing & explaing what economics should be
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KSpugnardi