Vocabulary
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| Economics | study of choices a person or society makes to satisfy needs and wants
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| Want | a desire; not needed for survival
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| Need | something required to survive
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| Microeconomics | Study of choices made by a single economic actor such as households, companies, individuals
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| Macroeconomics | Study of behavior and statistics of entire economies; example: interest rates, unemployment rate
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| Resources | all the things that can be used to make goods
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| Scarcity | A situation in which human wants are greater than the capacity of available resources to provide for those
wants and when a resource has more than one valuable use
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| Shortage | temporary lack of goods or resources
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| Tradeoff | everything you can no longer do or buy because you chose something else
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| Opportunity Costs | the next best thing that you give up in order to get something
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| Factors of Production | resources needed to produce goods and services: land, labor, capital, entrepreneur
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| Land | FOP natural resources examples: trees, water, coal, oil used to produce goods and services
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| Labor | FOP the work people do to produce goods and services
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| Capital | FOP Manufactured items used to make goods and services examples: building, machinery
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| Human Capital | refers to skills and knowledge in the ability to produce
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| Entrepreneurship | FOP person who starts and runs a business (logging company, sawmill, Home Depot)
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| Technology | the use of land, labor and capital to produce goods and services more efficiently
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| Decision making: | refers to the process by which rational consumers seeking their own happiness or utility will make choices
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| Marginal Costs | increase in total cost when producer increases output by one unit
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| Marginal benefit | additional gain from consuming or producing one more unit of a good or service (measured by $ or satisfaction)
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| Utility | is the usefulness of an item and contributes to the value of the item
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| Cost Benefit Analysis | Used to decide whether an action should be taken based on costs and benefits
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| Problem | controversial assumptions used to put monetary value on things as lives or animal habitats saved, etc
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| Goods | can be touched
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| Consumer good | good (our consumption)
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| Capital goods | are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services
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| Services | cannot be touched
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| Consumers | People who need goods and services
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| Consumption | Process of using goods and services
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| Production Possibilities Curve | Used to show the combination of two products that is possible with a given amount of resources
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| Economic Systems | Classified by who answers three basic questions (what, how, for whom)
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| Traditional Economy | Decisions on three questions are generally repeat decisions made in earlier times or by previous generations
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| Market Economy: | Individuals and businesses own productive resources and decide the three basic questions, Market prices that result from these decisions act as signals to producers, telling them what buyers want, G&S are allocated on the basis of prices
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| Command Economy | An authority such as a feudal lord, a government agency, or central planners decide three basic questions and to whom goods and resources will be allocated
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| Adam Smith | “Father of Capitalism”
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| Specialization | Specialization is when a nation or individual concentrates its productive efforts on producing a limited variety of goods
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| Voluntary Exchange | is the act of buyers and sellers freely and willingly engaging in market transactions
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| Productivity | Efficient use of resources in production
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| Economic interdependence | decisions made by individual affects decisions made by other people or events in one part of the world or economy affect other parts
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| Free competition | keeps prices low and quality high
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| Regulation | using laws to control businesses
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