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16 Cards in this Set

  • Front
  • Back
scarcity
the condition facing all societies becsu there are not enough productive resources to satisfy people's wants
productive resources
the impts used to produce goods and services that people want
economics
how people use their resources to satisfy their wants
human resources
resources where human effort is required
entrepreneur
trys to earn profit by innovation
natural resources
"gifts of god" found in nature
renewable resource v. exhaustible
endless v. run out
good v. service
tangible v. intangible
economic theory
a simplification of economic reality used to make a prediction
marginal
incremental, extra, more
positive ecomomic statement
true now statement
normitive statement
speculative statement
microeconomic
individual economics
macroeconomics
national economics
opportunity costs
the value of the best alternative you can pass up
sunk cost
the cost you recieve regardless of what you do