Vocabulary Chap 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Scarcity | limited resources and unlimited wants
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| Economics | the study of how people try to meet unlimited needs and wants with limited resources
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| Need | basic requirement for survival
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| Want | a desired item or service not required for survival
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| Factors of Production | resources needed to produce goods and services:
Land, Labor, Capital, and Entrepreneurs
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| Land | natural resources
ex: deserts, fertile fields, forests, minerals, livestock, sunshine, climates, etc.
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| Capital or Capital Goods | tools, equipment, machinery, and factories used in the production of goods and services
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| Financial Capital | money used to buy the tools and equipment used in production
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| Labor | people with all their effort, skills, and abilities
*does not include entrepreneurs, which are in a different category
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| Entrepreneur | risk-taker in search of profit who does something new with existing resources
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| Production | process of creating goods and services
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| Gross Domestic Product or GDP | dollar value of all finished goods, services, and structures produced within a country's borders in a 12-month period
*Formula: C+Ig+G+Xn
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| Economic Products | goods and services that are useful, relatively scare, and transferable to others
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| Good | item that is useful and satisfies a need or a want
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| Consumer Good | intended for final use by individuals
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| Capital Good | manufactured goods are used to produce other goods and services
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| Service | work that is performed for someone
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| Paradox of Value | situation where some needs have little monetary (money) value, but some wants have much higher monetary (money) value
ex: water and diamonds
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| Utility | capacity to be useful and provide satisfaction
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| Wealth | accumulation of goods
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| Market | mechanism that allows buyers and sellers to exchange a certain economic product
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| Factor Markets | markets where resources used in production (equipment, ect) are bought and sold
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| Product Markets | markets where producers sell their goods and services to consumers
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| Economic Growth | a nation's total output of goods and services increases over time
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| Productivity | measure of the amount of output produced by a given amount of inputs in a specific period of time
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| Division of Labor | work is arranged so that individual workers do fewer tasks
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| Specialization | people or machines perform tasks that they can do relatively more efficiently than others
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| Human Capital | the sum of skills, abilities, health, and motivation of people
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| Economic Interdependence | two or more groups relying on each other to provide the goods and services for the economy
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| Trade-Offs | alternative choices
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| Opportunity Cost | the cost of the next best alternative when one choice is made over another
ex: money, time, resources, ect.
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| Production Possibility Frontier | a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
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| Cost-Benefit Analysis | way of thinking that compares the costs of an action to the benefits received
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| Free Enterprise Economy | economy in which the individuals and business owners answer the majority of the 'what', 'how', and 'for whom' questions rather than the government
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| Standard of Living | quality of life based on the possession of the necessities and luxuries that make life easier
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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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Created by:
kvanolson
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