Econs

Card Set Information

Author:
Anonymous
ID:
258630
Filename:
Econs
Updated:
2014-01-27 11:13:53
Tags:
Economics
Folders:
Social studies
Description:
Basic economic vocabs
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  1. things necessary  for survival
    needs
  2. items desired but not essential to survival
    wants
  3. the study of how ppl seek to satisfy their needs & wants by making choices
    economics
  4. physical objects
    goods
  5. actions/ activities that 1 person performs for another
    services
  6. limited resources to meet unlimited wants (all the time, all things)
    scarcity
  7. situation in which a good/ service is unavailable (certain things, temporarily or for a long time)
    shortage
  8. Factor of productions to make goods/ services
    Land, labor, capital
  9. f.o.p, natural resources
    land
  10. f.o.p, effort that ppl devote to task for which they are paid
    labor
  11. f.o.p, human resources
    capital
  12. human made goods that are used for productions; tools, buildings
    physical capital
  13. skills/ knowledge gained by worker thu education & experience
    human capital
  14. leader who combine f.o.p to create & market new goods & services
    entrepreneur
  15. an alternative that we sacrifice when we make a decision
    trade-off
  16. the most desirable alternative given up as the result of a decision
    opportunity cost
  17. deciding whether to do or use one additional unit of some resource
    thinking at the margin

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