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27 Cards in this Set
- Front
- Back
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NEED
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something essential for survival
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WANT
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something people desire but that isn't necessary for survival
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GOODS
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the physical objects that someone produces
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SERVICES
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actions or activities that one person performs for another
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SCARCITY
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principle that limited amounts of goods and services are available to meet unlimited wants
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ECONOMICS
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study of how people seek to satisfy their needs and wants by making choices
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SHORTAGE
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consumers want more of a good/service than producers are willing to make available at a particular price
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ENTREPRENEUR
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person who decides how to combine resources to creat goods/ services
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FACTORS OF PRODUCTION
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resources used to make goods and services
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LAND
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all natural resources used to produce goods/services
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LABOR
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effort people devote to tasks for which they're paid
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PHYSICAL CAPITAL
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human-made objects used to create other goods/services
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HUMAN CAPITAL
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knowledge/skills a worker gains by education and experience
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TRADE-OFF
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act of giving up one benefit in order to gain another greater benefit
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GUNS OR BUTTER
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phrase expressing that a country that decides to produce more military goods (guns) has fewer resources for consumer ones. and vice versa.
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OPPORTUNITY COST
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most desirable alternative given up as the result of a decision
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COST BENEFIT ANALYSIS
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decision-making when you compare what you will sacrifice and gain by a specific action
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PPC and F
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graph showing alternative ways to use an economy's productive resources
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EFFICIENCY
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using resources in a way to maximize output of goods and services
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UNDERUTILIZATION
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use of fewer resources than an economy is capable of using
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LAW OF INCREASING COSTS
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states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the 2nd good or service
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OPPORTUNITY COST
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most desirable alternative given up as the result of a decision
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COST BENEFIT ANALYSIS
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decision-making when you compare what you will sacrifice and gain by a specific action
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PPC and F
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graph showing alternative ways to use an economy's productive resources
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EFFICIENCY
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using resources in a way to maximize output of goods and services
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UNDERUTILIZATION
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use of fewer resources than an economy is capable of using
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LAW OF INCREASING COSTS
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states that as production shifts from making one good or service to another, more and more resources are needed to increase production of the 2nd good or service
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