baby cakes Word Scramble
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| Term | Definition |
| Economics | Study of the choices people make to satisy their wants and needs. |
| Economist | A person who studys these economic choices |
| Microeconomics | Is the study of the choices made by economic actors such as households companies and individual markets |
| Macroeconomics | Examines the behavior of entire economics |
| consumers bitch | The people decide to buy bitchy things |
| Producers | The people who make the things that satisfy consumers needs and wants |
| Goods | Physical objetcs that can be purchased |
| Services | Are actions or activites that are performed for a fee |
| Resources | Is anything that people use to make or obtain what they need or want |
| Factor of production | Resources that can be used to produce goods and services |
| Natural Resources | Items provided by nature that can be used to produce goods and to provide services |
| Human resources | Any human effort exerted during production |
| Capital resources | Manufactutred materials used to create products |
| Capital goods | Are buildings, structures, machinery, and tools, used in production process |
| Consumer Goods | The goods and services that some poeple buy |
| Technology | Is the use of technical knowledge and methods to create new products or make existing products more efficientily |
| Entrepenurship | Combination of organnizational abilitys and risk taking involved in starting a new buisness or introducing a new product |
| Entrepenur | Is the person who attempts to start a new buisness or introsuce a new productScx |
| Scarcity | Most basic problem of economics because it enforces people to make decisions about how to use resources effectively |
| Allocate | Distribute, resources in order to satisfy the greatest number of needs and wants |
| Productivity | Is the level of output that results from A given level of input |
| Efficiency | Is the use of the smallest amount of resources to produce the greatest amount of output |
| Division of Labor | A small number of tasks to each worker |
| Specialization | Allows each employee to work faster and to produce a greater number of alarm clocks |
| Trade-off | Economic terms to sacrifice |
| Oppurtunity cost | The value of the next best alternative that is given up to obtain a perfered item |
| Production possiblity ties curve | Shows all the possible combinations of two goods or services that can be produced with in a stated time given to important assumptions |
| Exhcange | Producers gain this information through a process called exchange |
| Barter | Direct trade |
| Money | Any item that is readily accepted by people in return for goods and services |
| Credit | Third form of exhchange |
| Value | Can be expressed as an amount of moeny of price |
| Utility | Value is also determined by the degree to which the product has utility |
| Self-sufficiency | When they can fufill all of their needs without outside assistance |
| Interdependence | Means that events of developments in one reigon of the world or sector of the economy influences events or developments in other reigons or sectors |
Created by:
cakesfordays
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