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34 Cards in this Set

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the condition that results from society not having enough resources to produce all the things people would like to have
scarcity
the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
economics
the dollar value of all final goods and services and structures produced within a country's borders in a 12 month period
Gross Domestic Product
the process of creating goods and services
production
a basic requirement for survival
need
a way of expressing a need
want
4 factors of production
land, capital, labor, entrepeneur
natural resource not created by humans
land
tools used in the production of goods/services
capital
people that devote time and effort to producing
labor
a person that organizes everthing and creates new ideas for the marketplace
entrepreneur
3 basic economic questions
what, how, who
relatively scarce goods and services that have utility to consumers and as a result commands a price
economic products
the capacity to be useful and provide satisfaction
utility
an item that is economically useful or satisfies an economic growth
good
work that is performed for someone
service
a person that uses good/services in order to satisfy wants and needs
consumer
intended for final use by the individual
consumer good
the use of goods to impress others
conspicuous consumption
good that last at least three years
durable good
good that last less than three years
non durable good
a measure of the amount of inputs in a specific period of time
productivity
workers perform fewer tasks in order to operate efficiently
division of labor
production is focused on a specific purpose
specialization
an abundance of items of economic value
wealth
a nations total output of goods and service increase over time
economic growth
the apparent contradiction that water is more useful than diamonds, however, diamonds are more expensive
Paradox of value
collective amount of skills, abilities, and specialized growth of people
human capital
the quality of life based on the possesions of need and wants that make life easier
Standard of living
choices we give up to get something else
trade-offs
used to chart oppurtunity cost
Production Possibilit Factor
used by economists to measure the value of the next best alternative use of money, time, or resource
oppurtunity cost
method of comparing the costs of an action to the benefits recieved
cost-benefit analysis
TINSTAAFL
there is no such thing as a free lunch!