economics ch1

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Author:
kayden_rox
ID:
58139
Filename:
economics ch1
Updated:
2011-01-04 21:28:08
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economics
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Description:
ch1 ecomomics
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  1. using a product or service.
    consumption
  2. the process that combines economic resources so the result is a good or service that is available for sale.
    production
  3. the process of getting a product or service to consumers.
    distribution
  4. social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants.
    economics
  5. natural resources such as soil, minerals, timber, and fresh water.
    land
  6. human resources used to create goods and services.
    labor
  7. buildings, tools, and machines people create and used to produce final goods and services.
    capital
  8. land, labor, capital, and entrepreneurship.
    factors of production
  9. the imagination, innovative thinking, and management skills needed to start and operate a business.
    entrepreneurship
  10. an inequality exists between wants and the resources available to satisfy them. =WANTS>AVAILABLERESOURCES
    scarcity
  11. the highest valued alternative given up as a result of making a choice.
    opportunity costs
  12. gains.
    benefits
  13. losses.
    costs
  14. are possible rewards for making some kind of choice or behaving in a certain way.
    incentives
  15. a negative or withdrawn reward. ex fines and punishment.
    disincentives
  16. exchanging something for something else.
    trade
  17. extra or additional costs or benefits of a decision.
    marginal
  18. a positive difference between total sales and total costs, meaning total sales must be greater than total costs.
    profit
  19. relies on voluntary trade as primary means of organizing and coordinating production.
    market economy
  20. an arrangement that allows buyers and sellers to make exchanges.
    market
  21. the study of ecomomy as a whole.
    macroeconomics
  22. the study of individual consumers and business.
    microeconomics

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