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econ vocab

vocabulary

TermDefinition
Consumer goods THE GOODS AND SERVICES THAT PEOPLE BY
Technology the use of technical knowledge and methods to create new products or making existing products more efficiently
Entreprenurship the combination of organization abilities and risk taking involved in starting a new business or introducing a new product
Entreprenur a person who attempts to start a new business or new product
productivity level of output that results from a given level of imput
efficency the use of the smallest amout of resources to produce the greatest amount of output
division of labor assigning a small number of tasks to each worker
trade-off when one good is sacraficed for another
Oppertunity cost THE VALUE OF THE NEXT BEST ALTERNATIVE THAT IS GIVEN UP TO OBTAIN THE PREFERED ITEM.
Economics Study of choices that people make to satisfy their needs and wants`
Economist a person who studies these economic choices
Macroeconomics Examines the behavior of entire economies
Microeconomics study of the chocies made by economic actors such as households, companies, and individual markets
Consumers people who decide to buy things
Producers people who make the things that satisfy consumers needs and wants
goods physical objects that can be purchased
Services actions or activities that are preformed for a fee
resource anything that people use to make or obtain what they need or want
factors of production resources that can be used to produce goods and services
natural resources items provided my nature that can be used to produce good and to provide services
Human resource any human effort exerted during production
capital resources manufactured materials used to create products
capital goods tools used in prouduction process(ex:building)
scarcity unlimited wants with limited resources
allocate distribute resources in order to satisfy the greates number of needs or wants
specialization focus on one activity
production possibilities curve shows all of the possible combinations of two goods or services that can be produced with in a stated time period given two important assumptions
exchange producers and consumers who agree to provide one type of item in return for another
barter direct trade
money standerdized means of exchange
credit allows consumers to use items before completing payment for an item over a specified period of time
value amount of money or price
utility usefulness to a person
self-suffciency fulfill needs without outside assitance
interdependence events or developments in one region or sector of the economy influence events or developments in other regions or sectors
Created by: 156855
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