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28 Cards in this Set
- Front
- Back
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Resource
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Anything that people use to make or obtain what they need/want |
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Macroeconomics |
Examines the behavior of entire Economies |
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Front (Term) Scarcity |
The most basic problem in economics. Limited resources, unlimited wants and needs |
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Entrepreneur |
Person who attempts to start a new business/ introduce a new product |
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Producers |
The people who make things to satisfy consumers' wants and needs |
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Opportunity cost |
Cost of sacrifice, value of next best thing Alternative given up to obtain that good |
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Capital resources |
Manufactured materials used to create products |
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Credit |
Allows consumers to use items before completing payment for the merchandise |
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Productivity |
The level of output that results from a given level of input |
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Microeconomics |
The study of the choices made by economic actors |
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Utility |
Usefulness to a person |
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Division of labor |
Assigning a small number of tasks to each worker |
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Trade-off |
One good sacrificed for another |
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Economics |
Study of choices people make to satisfy their wants and needs |
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Value |
An amount of money/price; worth |
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Entrepreneurship |
Combination if organizational abilities and risk taking involved in making a new product |
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Barter |
People exchange one set of goods for another |
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Consumers |
The people who decide to buy things |
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Exchange |
Producers and consumers agree to provide one type of item in return for another |
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Allocate |
Distributinf resources in order to satisfy needs and wants |
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Capital goods |
The buildings, structures, machinery, and tools used in production process |
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Efficiency |
Use of smallest amount of resources to produce the greatest amount of output |
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Human resource |
Any effort exerted in production process |
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Consume goods |
Goods/services people buy |
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Specialization |
Workers focused on one specific area of specialization for expertise |
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Factors of production |
Resources that can be used to produce goods and services 4 categories: natural, human, capital, entrepreneurship |
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What determines value? |
Utility, usefulness |
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Why is self-sufficiency rare? |
Limited resources |
