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Introduction to Economics

This data set provides basic vocabulary, definitions, and examples.
a data set by LeahKurtz
created September 20, 2016
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FAMILY TREE
TermImage 1DefinitionExamples
NeedItems necessary for survival such as air, food, or shelter
WantItem that we desire but that is not essential to survival
GoodsTangible products (things) used to satisfy wants and needs
ServicesPerformance of duties or provision of space and equipment helpful to others such as a massage
ScarcityLimited quantities of resources to meet unlimited needs
ShortageSituation in which quantity demanded is higher than quantity supplied
Factors of ProductionLand, labor, capital - groups of resources used to make all goods and services
Physical CapitalAll human-made goods used to produce other goods and services; tools and buildings
Human CapitalSkills and knowledge gained by a worker through education and experience
EntrepreneurSomeone who organizes a business venture and assumes the risk for it
EconomicsBranch of social sciences that deals with production, distribution, and consumption of goods and services and their management
Trade-OffExchange that occurs as a compromise; giving up one thing to get another
Guns or ButterPhrase that refers to trade-offs nations face when choosing whether to produce more or less military or consumer goods
Opportunity CostCost of the next best use of time and money when choosing to do one thing or another; the next most desirable choice
Production Possibility CurveMeasures maximum combination of outputs that can be obtained from a given number of inputs
EfficiencyRatio of output to input of any system; when a society maximizes usage of its resources
UnderutilizationUsing fewer resources than an economy is capable of using; not maximizing resources
CostTotal amount spent for goods or services including money, time, and labor
Law of Increasing Opportunity CostAs we shift factors of production from making one good or service to another, cost of producing second item increases
Thinking at the MarginThinking about what the next or additional action means for you
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