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31 Cards in this Set
- Front
- Back
Economics
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the study of the choices that people make to satisfy their wants and needs
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Needs
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anything necessary for survival
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Wants
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anything consumed beyond what is necessary for survival
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Microeconomics
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the study of the choices made by economics actors such as households, companies, and individual markets
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Macroeconomics
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examines the behavior of entinre economics
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Consumers
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a person who purchases goods and services
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Producer
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a person who supplies good and services
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Factors of production
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natural resources
human resources capital resouces management resources- entrepreneurship |
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Natural resources
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items provided by nature that can be used to produce goods and to provide services
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Capital resources
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The manufactured materials used to create products
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Human resources
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ministers, teachers, workers at Price Chopper
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Entrepreneurship
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person starting a new business
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Scarcity
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combination of limited resources and unlimited wants
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Allocate
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to distribute
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Productivity
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level of output that results from a given level of input
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Efficiency
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The use of the smallest amount of resources to produce the greatest amount of output
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Division of Labor
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assigning a small number of tasks to each worker so that workers gain expertise in these areas
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Specialization
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focusing on one activity for each worker to increase efficiency
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Trade off
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a sacifice that is made
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Opportunity Cost
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the value of the next best alternative given up to obtain something else
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Production possibilities curve (PPC)
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shows all the possible combinations of two goods or services that can be produced within a state time period
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Barter
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direct trade
for example trade your soda for his cookies |
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Money
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any item that is readily accepted by people in return for goods and services
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Credit
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allows consumers to use items before completing payment
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Value
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can be expressed as an amount of money or a price
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Utility
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usefulness
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Self-sufficiency
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people or a society fulfill all of their needss without outside help
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Interdependence
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events in one area influence events in another area
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Capital Goods
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raw materials used to produce finished products
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Exchange
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producers and consumers agree to provide one type of an item in return for another
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Three economic questions
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What to produce
How to produce For whom to produce |