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34 Cards in this Set
- Front
- Back
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the condition that results from society not having enough resources to produce all the things people would like to have
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scarcity
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the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
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economics
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the dollar value of all final goods and services and structures produced within a country's borders in a 12 month period
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Gross Domestic Product
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the process of creating goods and services
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production
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a basic requirement for survival
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need
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a way of expressing a need
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want
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4 factors of production
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land, capital, labor, entrepeneur
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natural resource not created by humans
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land
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tools used in the production of goods/services
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capital
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people that devote time and effort to producing
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labor
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a person that organizes everthing and creates new ideas for the marketplace
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entrepreneur
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3 basic economic questions
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what, how, who
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relatively scarce goods and services that have utility to consumers and as a result commands a price
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economic products
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the capacity to be useful and provide satisfaction
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utility
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an item that is economically useful or satisfies an economic growth
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good
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work that is performed for someone
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service
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a person that uses good/services in order to satisfy wants and needs
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consumer
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intended for final use by the individual
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consumer good
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the use of goods to impress others
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conspicuous consumption
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good that last at least three years
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durable good
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good that last less than three years
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non durable good
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a measure of the amount of inputs in a specific period of time
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productivity
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workers perform fewer tasks in order to operate efficiently
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division of labor
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production is focused on a specific purpose
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specialization
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an abundance of items of economic value
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wealth
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a nations total output of goods and service increase over time
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economic growth
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the apparent contradiction that water is more useful than diamonds, however, diamonds are more expensive
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Paradox of value
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collective amount of skills, abilities, and specialized growth of people
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human capital
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the quality of life based on the possesions of need and wants that make life easier
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Standard of living
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choices we give up to get something else
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trade-offs
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used to chart oppurtunity cost
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Production Possibilit Factor
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used by economists to measure the value of the next best alternative use of money, time, or resource
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oppurtunity cost
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method of comparing the costs of an action to the benefits recieved
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cost-benefit analysis
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TINSTAAFL
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there is no such thing as a free lunch!
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