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the condition that results from society not having enough resources to produce all the things people would like to have
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scarcity
the condition that results from society not having enough resources to produce all the things people would like to have
economics
the study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources
need
a basic requirement for survival
want
a way of expressing a need
TINSTAAFL
there is no such thing as a free lunch
factors of production
resources required to produce the things we would like to have
land
natural resources not created by humans
capital
the tools, equipment, machinery, and factories used in the production of goods and services
financial capital
the money used to buy the tools and equipment used in production
labor
people with all their efforts, abilities, and skills
entrepreneur
a risk takerin search of profits who does something new with existing resources
production
the process of creating goods and services
Gross Domestic Product
the dollar value of all final goods and services, and structures produced within a country's borders in a 12-month period
economic products
goods and services that are useful, relatively scarce, and transferable to others
good
an item that is economically useful, or satisfies an economic want
consumer good
intended for final use by individuals
capital good
goods used to produce other goods and services
service
work that is performed for someone
value
worth that can be expressed in dollars and cents
paradox of value
necessities have less monetary value than non-nessesities
utility
the capacity to be useful and provide satisfaction
wealth
the accumulation of products that are tangible, scarce, useful, and transferable from one person to another
market
a location or other mechanism that allows buyers and sellers to exchange a certain economic product
factor market
market where productive reaources are bought and sold
product market
market where producers sell their goods and services to consumers
economic growth
occurs when a nation's total output of goods and services increases over time
productivity
a mesure of the amount of output produced by a given amount of inputs in a specific amount of time
division of labor
work is arranged so that individual workers do fewer tasks than before
specialization
factors of production perform tasks that they can do relatively more efficiently than others
human capital
the sum of the skills, abilities, health, and motivation of people
economic interdependence
relying on others and having others rely on you to provide goods and servicesfor consumption
trade-off
an alternative choice in an economic decision
opportunity cost
the cost of the next best alternative use of money, time, or resources when one choice is made rather than the other
production possibilities frontier
a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
cost-benifit analysis
a way of thinking about a problem that compares the costs of an action to the benifits recieved
free enterprise economy
an economy in which consumers and businesses, rather than the government, make the majority of economic decisions
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