ECONU1A3
This lesson helps to consolidate the first half of this unit by giving you a list of terms that you have or will run across while preparing for the Mid and Final Unit Test. This type of vocabulary building exercise is something you will see in most units in this class. It is an important assignment in that the terms you learn will help you understand the concepts we discuss to help ignite original thoughts. Make sure to pay close attention to the title of the lesson, "Why Economics?" Use it to think about how the terms relate to that question. Why is economics an important social science for us to study.
Terms
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- Adam Smith
- a philosopher who believed a free market would help everyone, not just the rich
- Capital
- Aassets available for use in the production of further assets
- Cost-benefit analysis
- A technique used to compare the various costs associated with an investment with the benefits that it proposes to return.
- Productivity
- the quantity of goods and services produced from each hour of a worker's time
- Factors of Production
- the resources needed to produce goods and services that were required during the Industrial Revolution
- Utility
- the quality of being of practical use
- Service
- work done by one person or group that benefits another
- Market
- Where goods and services are exchanged for mutal benefit
- Economic Interdependence
- relying on others and others relying on us to provide goods/services to consume
- Division of Labor
- Dividing up workers so that each worker completes one job, which is one part of a larger job
- Economics
- the study of choices people make to attain their goals, given their scarce resources.
- Want
- something a human desires, but does not need in order to survive
- Scarcity
- The condition that results from limited resources combined with unlimited wants.
- Human Capital
- The knowledge, skills, and abilities of employees that have economic value.
- Opportunity Costs
- the most desirable alternative given up as the result of a decision
- Need
- something like air, food, or shelter that is necessary for survival
- Consumer Goods
- Durable and nondurable goods that are goods that are used or acquired primarily for personal, family, or household purposes.
- Wealth
- Sum of tangible economic goods that are scarce, useful, and transferrable from one person to another