econ chapters 1
Terms
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- technology
- use of technical knowledge and methods to create new products or existing make existing products more efficiently
- resource
- anything that people use to make or obtain what they need or want
- human resources
- human effort exerted during production either physical or intellectual
- capital goods
- buildings, structures, machinery, and tools used in the production process
- entrepreneur
- a person who attempts to start a new business or introduce a new product
- barter
- exchanging one set of goods for another
- natural resources
- items provided by nature that can be used to produce goods and to provide services
- opportunity cost
- the value of the next best alternative given up to obtain an item
- money
- readily accepted by people in return for goods and services
- productivity
- the level of output that results from a given level of input
- utility
- usefulness to a person
- allocate
- distribute
- entrepreneurship
- organizational abilities and risk taking involved in starting a new business or introducting a new product
- exchange
- providing one type of item in return for another
- trade-off
- sacrificing one resource for another
- self-sufficiency
- when you can fulfill all your needs without outside assistance
- goods
- physical objects that can be purchased
- credit
- using an item before completing payment for the merchandise
- economist
- a person who studies economic choices
- producers
- the people who make the things that satisfy consumers' needs and wants
- services
- actions or activities that are performed for a fee
- interdependence
- events or developments in one region of the world or sector of the economy influence events or developments in other regions or sectors
- macroeconomics
- the study of the entire economies
- production possibilities curve
- shows all the possible combinations of two goods or services that can be produced within a stated time
- factors of production
- resources that can be used to produce goods and services: natural resources, human resources, capital resources, entrepreneurship
- economics
- the study of the choices that people make to satisfy their needs and wants
- value
- an expressed amount of money or price
- division of labor
- assigning a small number of tasks to each worker
- scarcity
- combination of limited economic resources and unlimited wants
- microeconomics
- the study of the choices made by households, companies and individual markets
- efficiency
- use of the smallest amount of resources to produce the greatest amount of output
- specialization
- gaining expertise in one assigned area
- consumer goods
- finished products or the goods and services that people buy
- capital resources
- manufactured materials used to create products