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23 Cards in this Set
- Front
- Back
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a thing 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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condition in which our wants are greater than the resources available to satisfy those wants
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scarcity
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most highly valued opportunity or alternative fortified when a choice is made
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opportunity cost
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situation in which more of one thing is necessarily means less of something else
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trade off
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graphic representation of all possible combinations of two goods that an economy can produce
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production possibilities fronteir
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means for deciding who gets what portion of the available resources and goods
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rationing device
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science that studies the choices of people trying to satisfy their wants in a world of scarcity
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economy
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additional
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marginal
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something that ecourages or motivates a person to take action
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incentive
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deals with human behavior and choices as they realte to relatively small units- an individual a business firm or single market
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microeconomics
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deals with human behavior and choices as they relate to the entire economy
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macroeconomics
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explanation of how things works, designed to answer a question for which there is no obvious anwser
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theory
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able to be felt by touch
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tangiable
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not able to be felt by touch
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intagiable
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anything that satisfies a persons wants or brings satisfaction
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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 disatisfaction or unhappiness
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disutility
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tasks that ppl pay other to perform for them
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services
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all the natural recoursec found in nature
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land
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physical and mental talents thta 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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special talent that some people have for searching out and taking advantage of new business oppourtunies
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entrepreneurship
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