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33 Cards in this Set
- Front
- Back
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scarcity
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limited recourses with unlimited demands
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economics
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focuses on the production, consumption, and transfer of wealth
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need
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goods you can't live without
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want
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goods you can live without, but would like to have
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factor of production
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the four resources; land, labor, capital, and entrepreneurship, that determines production
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land
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resources created by nature
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entrepreneurship
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the risk- takers that come up with a new idea for goods and services
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capital
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anything used to create goods and services
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financial capital
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money used by businesses and entrepreneurs to buy what they need to make their products
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labor
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the work people do
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production
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the process of manufacturing from raw materials
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gross domestic product (GDP)
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the total value of goods produced and services provided in a year
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economic products
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goods or services that are useful, transferable, and relatively scarce
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good
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useful, tangible items that satisfies a want
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consumer good
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goods intended for the final use by individuals
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service
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work that is performed for someone
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value
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the monetary worth of something
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wealth
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and abundance of valuable possessions or money
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market
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a system where goods and services are exchanged
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product market
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the marketplace where final goods or services are purchased by consumers
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economic growth
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an increase in the amount of goods and services produced over a period of time
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productivity
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the rate of output per unit of input
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division of labor
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assigning different manufacturing tasks to different people to improve efficiency
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specialization
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how an individual or business focuses on available resources
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human capital
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the skills, knowledge and experience that an individual or a population has
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economic interdependence
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when people living In a society with a high division of labor depend on other people to produce most of the goods and services required to sustain life
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trade-off
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sacrifices made to get a certain product
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opportunity cost
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the loss of potential gain from other options when one option is chosen
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production possibilities frontier (curve)
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a curve depicting all maximum output possibilities for two goods, given a set of inputs
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cost- benefit analysis
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an estimation of the pros and cons of options that satisfy business transactions
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free trade
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international trade without restrictions such as tariffs
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free enterprise
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a system where private business operates in competition and is free of state control
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standard of living
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the amount of wealth and material comfort available to a person or community
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