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Economics
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Renewable resources
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Economics Unit 1

TermDefinition
Economics the study of how people fulfill their unlimited wants in a world where resources are scarce
Renewable resources resources that can be drawn on indefinitely if used conservatively (ex: solar energy, water, wind)
Non-renewable resources resources that cannot be readily replaced by natural means on a level equal to its consumption (ex: phosphate, oil, limestone)
Scarcity when a resource or factor of production is not available in sufficient quantities to satisfy the ways society uses it
Microeconomics the study of individual markets (ex: effects on the price of one good, an individual labor market, individual consumer behavior, supply of one good)
Macroeconomics the study of a whole economy (GDP) (ex: inflation, employment and unemployment, aggregate demand (AD), and productive capacity of an economy)
Positive economics study of economics that states the facts without the input of opinions or value judgements
Normative economics study of economics that states facts in addition to value judgements, states the desirable reality, and asserts how things "should" be
Resources inputs used to produce goods (g) or services (s)
Land includes all natural resources used to produce goods and/or services
Capital aids or tools used to produce goods and/or services
Physical capital capital that includes buildings, machines, tools, equipment, workspaces, etc.
Human capital capital that includes acquired skills, knowledge, and/or education
Entrepreneurial ability the ability to unite and compose factors of production to produce a profit
Rational pursuit of self-interest individuals (and companies, governments, etc.) look for and pursue opportunities to increase their utility
Marginal analysis method for finding the optimal amount of any activity by weighing the additional benefits of doing that activity
Incentives potential rewards or consequences that motivate particular choices within a market
Transaction costs the time and information gathering required to make a rational financial decision
Sunk costs costs that have already been incurred and cannot be recovered (non-refundable costs)
Opportunity cost value of the next best alternative forgone when a decision is made (ex: monetary margin between buying butter and buying margarine)
Production possibilities curve economists' model to theorize how the production of one service or good impacts another's, or how an economy can use its resources to produce two different goods
Economic efficiency an economy's ability to make one better off without making another worse off
Law of Increasing Opportunity Cost states that the opportunity cost of a good rises as more of the good is produced
Economic growth an increase in the ability to produce goods and services over time
Economic equity the economic goal of distributing equal opportunity
Economic freedom the economic goal of the freedom for consumers to decide how to save/spend their incomes, to change jobs and form unions, and to close business or establish new ones
Economic growth the economic goal of increasing production, measured by changes in gross domestic product (GDP)
Economic security the economic goal of protecting consumers from risks that exist in society
Economic stability the economic goal of maintaining stable prices, employment, and growth
Price stability avoiding inflation or deflation
Full employment when an economy's scarce resources, especially labor, are fully utilized
Traditional economy type of economy where decisions are based on traditional/historical precedent (ex: in a caste system, jobs are determined on what your family lineage has done)
Command/centralized economy type of economy where governmental planning groups make the decisions to determine what and how to produce, what to price them at, and what to pay workers for their work (ex: Cuba, North Korea)
Market economy type of economy where decisions are guided by individual buyers and sellers in the marketplace (ex: capitalism, free market, laissez-faire)
Mixed economy type of economy that is neither centralized nor decentralized, and has features of both
Popular Economics sets

 

 



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