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Introduction to Econ
| Question | Answer |
|---|---|
| Need | Something like air, food, or shelter that is necessary for survival |
| Want | An item that we desire but that is not essential to survival |
| Economics | The study of how people seek to satisfy their needs and wants by making choices |
| Goods | Physical objects such as clothes or shoes |
| Services | Actions or activities that one person performs for another |
| Scarcity | Limited quantities of resources to meet unlimited wants |
| Shortage | A situation in which a good or service is unavailable |
| Factors of production | Land, labor, and capital; the three groups of resources that are used to make all goods and services |
| Land | Natural resources that are used to make goods and services |
| Labor | The effort that people devote to a task for which they are paid |
| Capital | Any human-made resource (money, tools, machines, vehicles) that is used to create other goods and services |
| Physical Capital | All human-made goods that are used to produce other goods and services; tools, machines, and building |
| Human Capital | The skills and knowledge gained by workers through education and experience |
| Entrepreneur | Ambitious individual who combines land, labor, and capital to create and market new goods and services |
| Trade-off | An alternative choice that we sacrifice when we make a decision |
| Guns or butter | A phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military goods or consumer goods |
| Opportunity cost | The most desirable alternative given up as the result of a decision |
| Thinking at the margin | Deciding whether to act, create, or use one additional unit of some resource. Opportunity Cost Vs. benefits |
| Production possibilities curve | A graph that shows the combinations of goods and services that can be produced and the combinations that cannot |
| Production possibilities frontier | The line on a production possibilities graph that shows the maximum possible output |
| Efficiency | Using materials & resources in such a way as to maximize the production of goods and services |
| Underutilization | Using fewer resources than an economy is capable of using |
| Cost | To an economist, the alternative that is given up because of a decision you make |
| Law of increasing costs | Economic law that states that as we shift factors of production from making one good or service to another, the cost of producing the second item increases |
| Incentive | A reward that encourages an action or a penalty that discourages an action |
| Microeconomics | The study of the choices that individuals and businesses make, the way these choices interact in markets, and the influence of governments |
| Macroeconomics | The study of the performance of the national economy and the global economy |
| Margin | When a choice is changed by a small amount or by a little at a time, the choice is made at the margin. |
| Adam Smith | The author of "The Wealth of Nations," considered the first book written on economics. |
| Laissez Faire | Economic theory that argues that governments should not interfere with business affairs |
| Cluck | Is a person with a drug problem that trades stolen or his/her things for drugs. Hey ___ how much did you get for that laptop? |
| scrub | A __ is a now generalized term used as a synonym for a "noob" or "newb," which is someone who is bad at a video game or activity in general. |
| crunk | An overused hiphop term that has been beat to death more than "Bling-Bling". It means to get crazy and drunk. The term lost it's "cool" factor like two years ago, but that doesn't stop wanna be gangstas from using the the term as much as possible. |
| turnt up | getting loose (just being wild) |
| hit a lick | To rob or burglarize someone or something. Me and O.G. wanted to _ _ _ so we picked up some dudes and jack rolled them. |
| friendly | The act of being too nice or too generous, because people will often take advantage of you. That boy is too __, he always gives me his snacks. |
| Debo | To steal or take away from. Inspired by the character "__" from the film Friday, its original definition is to steal something. That cluck just __ed my IPhone! He __ed your rims. |
| corner store | Located at the corner of the street common in all urban areas across the U.S. Typically run by Asians, these sell all needs, including toiletries, food, drinks (alcoholic and non-alcoholic), and cigarettes. |
| U mad bro? | A phrase trolls use to anger an already mad person even more. |
| troll | One who posts a deliberately provocative message on a message board with the intention of causing maximum disruption and argument. |
| weaksauce | Paltry, insufficient, and laughable in effort |
| Noob Tuber | A really annoying person that keeps killing you with a grenade launcher in Call of Duty |
| owned | Completely annihilated or dominated. |
| Really? | A statement of disbelief in a sarcastic manner. It is like "seriously", but more obnoxious. |
| skitzing | What one does when on Meth, Ice, or whatever you call Speed. |
Created by:
weakstick
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