flashcard
1 / 19
Front
Economics
❮ prev
next ❯
1 / 19
Back
The study of the choices made by people when there is scarcity.
❮ prev
next ❯
terms list
Economics
The study of the choices made by people when there is scarcity.
Scarcity
A situation in which resources are limited and can be used in different ways, so one good or service must be sacrificed for another.
Factors of Production
Natural Resources, Labor, Physical Capital, Human Capital, & Entrepreneurship.
Natural Resources
Things created by acts of nature and used to produce goods and services.
Labor
Human effort, including both physical and mental effort, used to produce goods and services.
Economics
The study of the choices made by people when there is scarcity.
Scarcity
A situation in which resources are limited and can be used in different ways, so one good or service must be sacrificed for another.
Factors of Production
Natural Resources, Labor, Physical Capital, Human Capital, & Entrepreneurship.
Natural Resources
Things created by acts of nature and used to produce goods and services.
Labor
Human effort, including both physical and mental effort, used to produce goods and services.
Physical capital
Objects made by human beings to produce goods and services.
Human capital
The knowledge and skills acquired by a worker through education and experience and used to produce goods and services.
Entrepreneurship
Effort used to coordinate the production and sale of goods and services.
Market
An arrangement that allows buyers and sellers to exchange things: A buyer exchanges money for a product; a seller exchanges a product for money.
Variable
A measure of somethiang that can take on different values.
Ceteris paribus
Latin, meaning "other things being equal." In economics, the phrase indicates that all other variables are held fixed.
Marginal change
A small change in value.
Macroeconomics
The study of the nation's economy as a whole.
Slope of a curve
The change in the variable on the vertical axis resulting from a one-unit increase in the variable on the horizontal axis.
more from user
Micro Final
14 items
en en
2nd Test
26 items
en en
Employment
12 items
en en
Fiscal Policy
5 items
en en
macroeconomics ch. 2
15 items
en en
macroeconomics ch. 4
27 items
en en
Pre-modern Asian History
7 items
no en
Money & Banking
12 items
en en
macroeconomics ch. 3
22 items
en en
similars
Econ 201 chapter 1
15 items
en en
Economics: Principles in Action, chapter 1
44 items
en en
Introduction: What Is Economics?
21 items
en en
Microeconomics, Chapter 02 - The Economizing Problem
8 items
en en