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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Economics... One of these things is not like the others
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|Need||Items necessary for survival such as air, food, or shelter|
|Want||Item that we desire but that is not essential to survival|
|Goods||Tangible products (things) used to satisfy wants and needs|
|Services||Performance of duties or provision of space and equipment helpful to others such as a massage|
|Scarcity||Limited quantities of resources to meet unlimited needs|
|Shortage||Situation in which quantity demanded is higher than quantity supplied|
|Factors of Production||Land, labor, capital - groups of resources used to make all goods and services|
|Physical Capital||All human-made goods used to produce other goods and services; tools and buildings|
|Human Capital||Skills and knowledge gained by a worker through education and experience|
|Entrepreneur||Someone who organizes a business venture and assumes the risk for it|
|Economics||Branch of social sciences that deals with production, distribution, and consumption of goods and services and their management|
|Trade-Off||Exchange that occurs as a compromise; giving up one thing to get another|
|Guns or Butter||Phrase that refers to trade-offs nations face when choosing whether to produce more or less military or consumer goods|
|Opportunity Cost||Cost of the next best use of time and money when choosing to do one thing or another; the next most desirable choice|
|Production Possibility Curve||Measures maximum combination of outputs that can be obtained from a given number of inputs|
|Efficiency||Ratio of output to input of any system; when a society maximizes usage of its resources|
|Underutilization||Using fewer resources than an economy is capable of using; not maximizing resources|
|Cost||Total amount spent for goods or services including money, time, and labor|
|Law of Increasing Opportunity Cost||As we shift factors of production from making one good or service to another, cost of producing second item increases|
|Thinking at the Margin||Thinking about what the next or additional action means for you|