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15 Cards in this Set
- Front
- Back
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Anything that gives a person utility or satisfaction
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A Good
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Anything that gives a person dis utility or dissatisfaction
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A bad
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Economist divide resources into four categories:
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Land, Labor, Capital, Entrepreneurship.
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Includes natural resources, such as minerals, forests, water, and unimproved land.
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Land
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Refers to physical and mental talents that people contribute to the production process.
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Labor
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Consists of produced goods that can be used as inputs for further production, such as machinery, tools, computers, trucks, buildings, and factories.
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Capital
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Refers to the particular talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
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Entrepreneurship
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The condition in which our wants are greater than the limited resources available to satisfy them.
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Scarcity
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What is a means of deciding who gets what quantities of the available resources and goods.
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A Rationing device
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The process of giving up one thing for something else.
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Exchange or trade. People enter into exchanges to make themselves better off.
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What attempts to determine what is.
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Positive Economics
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What addresses what should be.
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Normative economics
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Deals with human behavior and choices as they relate to relatively small units - an individual, a firm, an industry, a 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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What is the most highly valued opportunity or alternative forfeited when a choice is made.
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Opportunity cost. The higher the opportunity cost of doing something, the less likely it will be done.
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