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23 Cards in this Set
- Front
- Back
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A thing that we desire to have
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want
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anything that is used to produce goods or services.
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resource
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the condition in which our wants are greater than the resources available to satisfy those wants
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scarcity
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the most highly valued opportunity or alternative forfeited when a choice is made
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opportunity cost
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a situation in which more of one thing necessarily means less of something else
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trade-off
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a graphic representation of all possible combinations of two goods that an economy can produce
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production possibilities frontier
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a means for deciding who gets what portion of the available resources and goods
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rationing device
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the science that studies the choices of people trying to satisfy their wants in a world of scarcity
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economics
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in economics, means additional
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marginal
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something that encourages or motivates a person to take action
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incentive
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the branch of economics that deals with human behavior and choices as they relate to relatively small units- an individual, a business firm, or a single market
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microeconomics
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the branch of economics that deals with human behavior and choices as they relate to the entire economy
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macroeconomics
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an explanation of how something works, designed to answer a question for which there is no obvious answer
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theory
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able to be felt by touch
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tangible
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not able to be felt by touch
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intangible
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anything that satisfies a person's wants or brings satisfaction; also, tangible products
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goods
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the quality of bringing satisfaction or happiness
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utility
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the quality of bringing dissatisfaction or unhappiness
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disutility
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tasks that people pay others to perform for them
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services
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all the natural resources found in nature.
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land
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the physical and mental talents that people contribute to the production of goods and services
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labor
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produced goods that can be used as resources for further production
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capital
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the special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things
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entreprenuership
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