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dakotagoins@Ch18-19
Chapter 18 & 19 vocabulary words
| 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 | Nations 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 he 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 used to make other good and services |
| Entrepreneur | Individual who starts a new business, introduces a new product, and improves a management technique |
| Gross Domestic Product | Total dollar value of all final goods and services produced in a country during a single year |
| Factor Market | A market where productive resources are bought and sold |
| Product Market | A market where producers offer goods and services for sale |
| 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 interfere |
| Consumer Sovereignty | The role of consumer as the ruler of the market, determining what products will be produced |
| Private Property Rights | The freedom to do whatever with or on our own property without interfering 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 engaging in market transactions |
| Laissez-Faire Economics | It describes a system or point of view that opposes regulation or interference by the government in economic affairs beyond the minimum necessary to allow the free enterprise system to operate according to its own laws. |
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