kimbriad@Chap18-19 Word Scramble
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Term | Definition |
Economics | the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants. |
Microeconomics | the economic behavior and decision-making by individuals and small businesses. |
Macroeconomics | economic behavior and decision-making by government or whole industries or societies. |
Economic System | nation's way of producing things its people want and need |
Resource | the money, people, and materials available to accomplish a community's goals. |
Scarcity | not having enough resources to produce all of the things we would like to have. |
Trade-off | the alternative you face if you decide to do one thing rather than another. |
Opportunity Cost | the cost of the next best alternative use of time and money when choosing to do one thing rather than another. |
Marginal Cost | the additional or extra opportunity cost associated with an action. |
Marginal Benefit | the additional or extra benefit associated with an action. |
Cost-Benefit Analysis | economic model that compares the marginal costs and marginal benefits of a decision. |
Services | work performed by a person for someone else. |
Factors of Production | resources necessary to produce goods and services. |
Capital | previously manufactured goods and services. |
Entrepreneur | individual who starts a new business, introduces a new product, and improves a management technique. |
Gross Domestic Product (GDP) | total dollar value of all final goods and services produced in a country during a single year. |
Standard of Living | the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied. |
Market | free and willing exchange of goods and services between buyers and sellers. |
Factor Market | a market where productive resources are bought and sold. |
Product Market | a market where producers offer goods and services for sale. |
Productivity | the degree to which resources are being used efficiently to produce goods and services. |
Specialization | when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else. |
Economic Interdependence | a reliance on others, as they rely on you, to provide goods and services to be consumed. |
Capitalism | a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits. |
Free Enterprise | economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference. |
Consumer Sovereignty | the role of consumer as the ruler of the market, determining what products will be produced. |
Private Property Rights | the freedom to own and use property as we choose as long as we do not interfere with the rights of others. |
Profit Motive | the driving force that encourages individuals and organizations to improve their material well-being. |
Voluntary Exchange | the act of buyers and sellers freely and willingly |
Laissez-Faire Economics | economic system where government should not interfere in the marketplace. |
Created by:
kpd5373
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