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35 Cards in this Set

  • Front
  • Back
economics
the study of the choices that people make to satisfy their needs and wants
economist
a person who studies the economic choices
microeconomics
the study of the choices made by economic actors such as households, companies, and individual markets.
macroeconomics
examines the behavior of entire economies.
consumers
the people who decide to buy things
producers
the people who make things that satisfy consumers' needs and wants
goods
physical objects that can be purchased.
services
actions or activities that are performed for a fee
resource
anything that people use to make or obtain what they need or want
factors of production
resources that can be used to produce goods and services
natural resources
items provided by nature that can be used to produce goods and to provide services
human resources
any human effort exerted during production
capital resources
the manufactured materials used to created products
capital good
the buildings, structures, machinery and tools used in the production process
consumer good
a finished product that is consumed by an individual
technology
the use of technical knowledge and methods to create new products or make existing products more efficiently
entrepreneurship
the combination of organizational abilities and risk taking involved in starting a new business or introducing a new product
entrepreneur
a person who attempts to start a new business or introduce a new product-risking economic failure in return for the possibility of financial gain.
scarcity
the most basic problem of economics that forces people to make decisions about how to use resources effectively
allocate
distribute resources in orderto satisfy the greatest number of needs and wants
productivity
the level of output that results from a given input
efficiency
the use of the smallest amount of resources to produce the greatest amount of output
division of labor
assigning a small number of tasks to each worker.
specialization
allows each employee to work faster and and to produce a greater number of products
trade-off
the sacrifice of one good in order to purchase or produce another
opportunity cost
the value of the next best alternative that is given up to obtain the preferred item
production possibilitie curve
shows all the possible combinations of two goods or services that can be produced within a stated time period
exchange
the process by which producers and consumers agree to provide one type of item in return for another
barter
the direct exchange of goods and services without the use of money
money
any item that is readily accepted by people in return for goods and services
credit
a form of exchange that allows consumers to use items with a promise of repayment over a specified time
value
the worth of a good or service for the purpose of exchange, expressed as the amount of money that a consumer is willing to pay for a good or service
Utility
the usefulness of a good or service that contributes to its value
self-sufficiency
the ability ro fullfill all of one's needs without assistance
interdependence
the relationship of mutual reliance and influence among people, businesses, industries, regions, and nations