Economics Unit 1

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Economics Unit 1
2010-01-12 19:30:42
Economics Unit 1

Economics Unit 1
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  1. Scarcity
    the limited amounts of resources
  2. Human Capital
    the skills, abilities, health, and motivation of people
  3. Utility
    the capacity of a product to be useful
  4. Opportunity Cost
    if you go to a football game rather than working, the __________ _____ would be that you don't earn money
  5. Factors of Production
    Capital, Entrepreneurship, Land, Labor (C.E.L.L)
  6. Capital Goods
    the only factors of production that are themselves the result of earlier production
  7. Value
    how much something is worth in dollars and cents
  8. Consumer Goods
    products designed to satisfy people's wants and needs
  9. Consumers
    People who use goods and services to satisfy their wants and needs
  10. Needs vs Wants
    Needs- food, water, oxygen

    Wants- Car, Xbox, Iphone
  11. Trade Off
    if you go to school, the _____ ____ would be not being able to sleep or vise versa
  12. Laissez-faire
    gov't needs to stay out of the business
  13. Profit Motive
    the driving force that encourages people and organizations to improve their material well-being
  14. Consumer Sovereignty
    the role of the consumer as ruler of the market. "The Customer is always right"
  15. Communist Countries
    • Cuba
    • North Korea
    • Vietnam
    • Cuba
  16. Adam Smith
    wrote Wealth of a Nations