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Economics Vocab
ch1
| Term | Definition |
|---|---|
| Economics | the study of the choices that people make to satisfy there needs and wants |
| Economist | a person who studies these economic choices |
| Microeconomics | Study of the choices made by economic actors such as households companies and individual markets |
| Macroeconomics | Examines the behavior of entire economies |
| Consumers | People who decide to buy things |
| Producers | The people who make the things that satisfy consumers needs and wants |
| Goods | Physical objects that can be purchased. |
| Services | Actions or activities that are performed for a fee |
| Resources | Anything that people use to make or obtain what they want or need |
| Factors 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 | The manufacturer materials used to create products |
| Capital Goods | Are the building, structures ,machinery, and tools used in the production process |
| Consumer Goods | The goods and services that people buy |
| Technology | The use of technical knowledge and methods to create new products or make existing products more efficient |
| Entrepreneurship | The combination of organizational abilities and risk taking involved in starting a new business or introducing a new product |
| Entrepreneur | A person who attempts to start a new business or introduce a new product |
| Trade offs | The sacrifice of one good in order to purchase or produce another |
| opportunity costs | Value loss by rejecting one use of resources in favor of another |
| Production Possibilities Curve | Graphic representation showing all possible combination of two goods or services that can be produced in a stated period |
| Exchange | Producers and consumers agree to provide one type of item in return for another |
| Barter | People exchange one set of goods for another |
| Money | Any item that is readily accepted by people i return for goods and services |
| Credit | allows consumers to use items before completing payments for the merchandise |
| Value | The worth of a good or service for the purpose of exchange |
| Utility | The usefulness of a good or service that contributes to its values |
| Self-Sufficiency | The ability to fulfill all of the ones needs without assistance |
| Interdependence | The relationship of words mutual reliance and influence among people,businesses,industry,regions and nations |
| Scarcity | The fundamental conditions of economics that results from the combination of limited resources and unlimited wants |
| Allocate | Distribute resources in order to satisfy the greatest number of needs and wants |
| Productivity | The level of output that results from a giving level of input |
| Efficiency | The use of the smallest amount of resources to produce the greatest amount of output |
| Division Of Labor | Assigning a small number of tasks to each worker |
| Specialization | The focus of a worker on only one or a few aspects of production in order to improve efficiency |
Created by:
dejagilberto
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