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21 Cards in this Set
- Front
- Back
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opportunity cost
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the most highly valued opportunity or alternative forfeited or given up when a choice is made
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global economy
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an economy in which economic actions taken anywhere in the world may affect your standard of living
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microeconomics
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the branch of economics that deals with human behavior and choices as they relate to relatively small units- the individuals, the business firm, a single market
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macroeconomics
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the branch of economics that deals with human behavior and choices as they relate to the entire economy
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wants
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things that we desire to have
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utility
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a synonym for this word is satisfaction
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tangible
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able to be felt by touch. for example, a book is tangible: you can touch and feel it
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intangible
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not able to be felt by touch. for example, an economics lecture is intangible
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resources
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anything that is used to produce goods or services. for example, a person's labor may be used to produce computers, TV sets, and much more, and therefore a person's labor is a resource. resources fall into four categories: land, labor, capital, and entrepreneurship
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scarcity
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teh condition in which our wants are greater than the resources available to satisfy all those wants. everyone, and every society, faces the basic problem of scarcity. there is scarcity in the United States, Russia, France, Argentina, and every other country in the world
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economics
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the science that studies the choices of people trying to satisfy their wants in a world of scarcity
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land
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all the natural resources found in nature. an acre of land, mineral deposits, and water in a stream are all considered land
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labor
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the physical and mental talents that people contribute to the production of goods and services
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capital
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produced goods that can be used as resources for futher production. such things as factories, machines, and farm tractors are capital
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entrepreneurship
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the special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things
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economics system
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the way in which a society decides what goods to produce, how to produce them, and for whom goods will be produced
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free enterprise
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an economic system in which individuals (not government) own most, if not all, the resources and control their use. government plays a very small role in the economy
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socialism
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an economic system in which government owns and controls many of teh resources. government plays a major role in the economy
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economic plan
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a government program specifying economic activities, such as what goods are to be produced and what prices will be charged
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income distribution
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the way all the income earned in a country is divided among different groups of income earners
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mixed economy
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an economy that has features of both enterprise and socialism
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