Econ
Terms
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- Labor
- Human effort used to make goods and services.
- Specialization
- the special line of work you have adopted as your career
- Value
- relative darkness or lightness of a color
- Land
- working the land as an occupation or way of life
- Economic growth
- steady growth in the productive capacity of the economy (and so a growth of national income)
- Scarcity
- the condition in which economic wants for goods and services are greater than the limited resources available to satisfy those wants
- utility
- a facility composed of one or more pieces of equipment connected to or part of a structure and designed to provide a service such as heat or electricity or water or sewage disposal
- Productivity
- (economics) the ratio of the quantity and quality of units produced to the labor per unit of time
- Paradox of value
- situation were some necessities have little monetary value
- Economics
- The study of how people manage their resources to satisfy their wants and needs
- production
- the process of creating goods and services, can take place.
- Service
- the performance of duties by a waiter or servant
- Division of labor
- Division of work into a number of separate tasks to be performed by different workers
- Factors of production
- the resources needed to produce goods and services that the Industrial Revolution required
- Capital
- wealth in the form of money or property owned by a person or business and human resources of economic value
- Consumer good
- A good intended for final use by consumers rather than buisnesses
- Market
- the world of commercial activity where goods and services are bought and sold
- Factor markets
- markets for factors of production, such as labor, capital, natural resources, and entrepreneurial ability.
- Wealth
- the quality of profuse abundance
- Want
- the state of needing something that is absent or unavailable
- Product markets
- markets for goods- such as computers- and services- such as medical treatment.
- economic interdependence
- Economic activities in one part of the country or world affect what happens elsewhere
- Entrepreneur
- someone who organizes a business venture and assumes the risk for it
- Gross Domestic Product
- the dollar amount of all final goods and services produced within a country's borders in a year.
- Need
- a state of extreme poverty or destitution
- Human capital
- Sum of peoples skills, abilities, health, and motivation
- capital goods
- also known as physical capitol, are goods used over and over again to produce other goods.
- Economic Products
- good or service that is useful, relatively scarce, and transferable to others