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Econ 1
Econ
19
Economics
9th Grade
01/04/2017

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Term
technology
Definition
the use of science to develop new products and new methods for producing and distributing goods and services
Term
capital
Definition
previously manufactured goods used to make other goods and services
Term
productivity
Definition
the amount of output that results from a given level of inputs
Term
entrepreneurship
Definition
when individuals take risks to develop new products and start new businesses in order to make profits
Term
factors of production
Definition
resources of land labor capital and entrepreneurship used to produce goods and services
Term
land
Definition
natural resources and surface land and water
Term
labor
Definition
human effort directed toward producing foods and services
Term
goods
Definition
tangible objects that can satisfy peoples wants or needs
Term
services
Definition
actions that can satisfy peoples wants or needs
Term
scarcity
Definition
basic economic problem that results from a combination of limited resources and unlimited wants
Term
shortages
Definition
a temporary version of scarcity
Term
economics
Definition
the study of how people make choices about ways to use limited resources to fulfill their wants
Term
microeconomics
Definition
the branch of economic theory that deals with behavior and decision making by small units such as individuals and firms
Term
trade off
Definition
sacrificing one food or service to purchase r produce another
Term
opportunity cost
Definition
value of the next best alternative given up for the alternative that was chosen
Term
production possibilities curve
Definition
graph showing the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time
Term
hypothesis
Definition
an assumption involving two or more variables that must be tested for validity
Term
economy
Definition
the prodution and distribution of goods and services in a society
Term
economic model
Definition
a theory or simplified representation that helps explain and predict economic behavior in the real world.
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