JA Economics Chp. 1
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| The father of economics. Wrote “Wealth of Nations” which promoted “the invisible hand” theory. | Adam Smith
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| The gains that result when a choice is made. | Benefits
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| The buildings, tools, and machines people create and use to produce final goods and services. | Capital
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| Latin for “all else being equal”; a fundamental assumption in many economic models | ceteris paribus
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| The process of using a product or service. | Consumption
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| The losses that result when a choice is made. | Costs
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| A negative or withdrawn reward. | disincentive
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| The process of getting a product or service to consumers. | distribution
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| A social science that studies how people decide to use scarce resources to satisfy their wants. | economics
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| The imagination, innovative thinking, and management skills needed to start and operate a business. | Entrepreneurship
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| The land, labor, and capital resources used to produce goods and services. | factors of production
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| A positive reward that results from making a choice or behaving in a certain way. | incentive
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| The physical and mental efforts people use to create goods and services. | labor
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| Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water. | land
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| The study of the economy as a whole. | macroeconomics
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| The extra or additional costs or benefits of a decision. | marginal
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| An arrangement that allows buyers and sellers to make exchanges. | market
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| An economy that relies on voluntary trade as the primary means of organizing and coordinating production. | market economy
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| The study of individual consumers and businesses. | microeconomics
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| The highest valued alternative given up as a result of making a choice. | opportunity cost
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| A process that combines economic resources so the result is a good or service that is available for sale. | production
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| A positive difference between total sales and total costs. | profit
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| Resources and products owned by government. | public property
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| Exchanging something for something else. | trade
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