Chapter 1 Essential Vocab for Understanding Economics
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| Scarcity | show 🗑
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| Economics | show 🗑
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| need | show 🗑
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| want | show 🗑
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| show | a useful, tangible item, such as a book, car or MP3 player, that can be used to satisfy a need or want
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| durable good | show 🗑
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| show | an item that lasts for fewer than three year when used on a regular basis
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| consumer good | show 🗑
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| capital good | show 🗑
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| show | work that is performed for someone
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| show | a term that refers to a worth that can be expressed in dollars and cents
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| paradox of value | show 🗑
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| utility | show 🗑
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| wealth | show 🗑
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| gross domestic product or GDP | show 🗑
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| factors of production | show 🗑
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| land | show 🗑
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| show | tools, equipment, and factories used in the production of goods and services; one of the four factors of production
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| show | people with all their abilities and efforts; one of the four factors of production; does not include entrepreneur
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| show | risk-taking individuals who introduce new products or services in search of profits; one of the four factors of production
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| show | to change the nature of something
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| production possibilities curve | show 🗑
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| show | cost of the next best alternative use of money, time or resources, when one choice is made rather than another
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| show | alternative that must be given up when one choice is made rather than another
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| consumerism | show 🗑
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| show | increase in a nation's total output of goods and services over time.
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| show | measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production
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| human capital | show 🗑
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| show | division of work into a number of separate different workers
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| show | assignment of tasks to the workers, factories, regions, or nations that can perform them most efficiently.
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| show | mutual dependence of the economic activities of one person, company, region, or nation on those of another person, company, region, or nation.
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| market | show 🗑
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| show | process or means by which something can be accomplished
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| factor markets | show 🗑
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| product markets | show 🗑
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| economic model | show 🗑
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| show | something taken for granted; something we thing is true
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| cost-benefit analysis | show 🗑
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| free enterprise economy | show 🗑
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| show | quality of life based on ownership of necessities and luxuries that make life easier.
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To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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