Econ Ids Week 2 Unit 1

Front 1

Economics

Back 1

The study of how people seek to satisfy their needs and wants by making choices with scarce resources.

Front 2

Scarcity

Back 2

Forces people to make choices when they produce or use goods and services.

Front 3

Factor Market

Back 3

A market place where factors of productions such as labor, capital, and resources are purchased and sold.

Front 4

Opportunity Cost

Back 4

When we make a choice, we are choosing not to do something else.

Front 5

Microeconomics

Back 5

Approaches the study of economics from the viewpoint of individual households and firms.

Front 6

Macroeconomics

Back 6

Approaches the study of economics from the viewpoint of the economy as a whole.

Front 7

Specialization

Back 7

The basis of global trade as a few countries produce enough goods to be completely self-sufficient.

Front 8

Sunk Cost

Back 8

Past opportunity costs that are irrelevant for future decision making.

Front 9

Value

Back 9

The worth of a good or service as determined by peoples preference's and the trade offs they choose to make given their scarce resources, or the value the market places on them.

Front 10

Division of Labor

Back 10

U.S. government cabinet body, responsible for standards in occupational safety, wages and a number of hours works, unemployment insurance benefits, reemployment services, and a portion of the countries economic statistics.