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Definition
| the condition that results from society not having enough resources to produce all the things people would like to have |
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| the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources |
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| basic requirement for survival, such as food, clothing, and shelter |
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| something we would like to have but is not necessary for survival |
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Definition
| there is no such thing as a free lunch |
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Term
| Scarcity forces every soceity to answer what three questions? |
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Definition
| what, how and for whom to produce |
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Term
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Definition
| resources required to produce the things we would like to have |
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| the tools, equipment, machinery, and factories used in the production of goods and services |
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Term
| Capital is the result of _____. |
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Definition
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| What are the five factors of production? |
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Definition
| land, capital, labor, entrepenuers, production |
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| people with all their efforts, abilities, and skills |
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| a risk taker in search of profits who does something new with existing resources |
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| the dollar value of all final goods, serivces, and structures produced within a country's borders ina 12 month period |
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| What are the four key elements to the study of economics? |
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Definition
| description, analysis, explanation and prediction |
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Definition
| a useful, tangible item that satisfies a want |
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| goods intended for final use by individuals |
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Definition
| any good that lasts three years or more when used on a regular basis |
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Definition
| an item that lasts for fewer than three years when used on a regular basis |
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Definition
| work that is performed for someone |
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| worth that can be expressed in dollars and cents |
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Term
| Who was one of the first people to describe how markets work? |
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Definition
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| when necessities have low monetary value and nonnecessities have a high value |
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| accumulation of products that are tangible, scarce, useful, and transferable from one person to another |
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Definition
| location or other mechanism that allows buyers and sellers to exchange a specific product |
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Definition
| where the factors of production are bought and sold |
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| where producers sell goods and services |
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Definition
| when a nation's total output of goods and services increases overtime |
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Term
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Definition
| measure of the amount of goods and services produced with a given amount of resources in a specific period of time |
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| the sum of people's skills, abilities, health, knowledge, and motivation |
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| way of organizing work so that each individual worker completes a separate part of the work |
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| when factors of production perform only tasks they can do better or more efficiently than others |
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| we rely on others and others rely on us to provide most of the goods and services we consume |
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| the cost of the next best alternative |
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| production possibilites frontier |
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| a diagram representing various combinations of goods and services an economy can produce when all its resources are in use |
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Definition
| simplified equation, graph, or figure showing how something works |
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Definition
| a way of comparing costs of an action to the benefits received |
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Definition
| where consumers and privately owned business, rather than the government, maker the majority of the what how and for whom decisions |
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Definition
| the quality of life based on the ownership of the necessities and luxuries that make life easier |
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