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Econ Vocab
| Question | Answer |
|---|---|
| Scarcity | the conditions that result from society not having enough resources to produce all the things people would like to have. |
| Economics | the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources. |
| Need | a basic requirement for survival, such as food, clothing, and shelter. |
| Want | simply something we would like to have but is not necessary for survival. |
| Factors of Production | resources required to produce the things we would like to have are land, capital, labor, entrepreneurs. |
| Land | refers to the “gifts of nature,” or natural resources not created by people. |
| Capital(Capital Goods) | the tools, equipment, machinery, and factories used in the production of goods and services. |
| Labor | people with all their efforts, abilities, and skills. |
| Entrepreneur | a risk taker in search of profits who does something new with existing resources. |
| Gross Domestic Product (GDP) | the dollar value of all final goods, services, and structures produced within a country’s borders in a 12 month period. |
| Good | a useful tangible item, such as a book, car, or a compact disc player, that satisfies a want. |
| Consumer Good | Goods intended for final use by individuals. |
| Durable Good | any good that lasts three years or more when used on a regular basis |
| Nondurable Good | an item that lasts for fewer than three years when used on a regular basis. |
| Service | work that is performed for someone. |
| Value | a worth that can be expressed in dollars and cents. |
| Paradox of Value | some non-necessities, such as diamonds, had a very high value. |
| Utility | the capacity to be useful and provide satisfaction. |
| Wealth | the accumulation of products that are tangible, scarce, useful, and transferable from one person to another. |
| Factor Market | where the factors of production are bought and sold. |
| Product Market | markets where producers sell their goods and services. |
| Economic Growth | a nation’s total output of goods and services increases over time. |
| Productivity | a measure of the amount of goods and services produced within a given amount of resources in a specific period of time. |
| Human Capital | the sum of people’s skills, abilities, health, knowledge, and motivation. |
| Division of Labor | a way of organizing work so that each individual worker completes a separate part of work. |
| Specialization | takes place when factors of production perform only tasks they can do better or more efficiently than others. |
| Economic Interdenpendence | we rely on others, and others rely on us to provide most of the goods and services we consume. |
| Trade-offs | alternative choices |
| Opportunity Cost | the cost of the next best alternative. |
| Production Possibilities Frontier | a diagram representing various combinations of goods and services an economy can produce when all its resources are in use. |
| Economic Model | a simplified equation, graph, or figure showing how something works. |
| Cost-benefit analysis | a way of comparing the costs of an action to the benefits received. |
| Free enterprise economy | in which businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions. |
| Standard of Living | the quality of life based on the ownership of the necessities and luxuries that make life easier. |
Created by:
Rachel.Price
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