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Ropp - Econ 12.1-12.2
Microeconomic Basic Terminology
21
Economics
12th Grade
02/10/2013

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Term

land

 

Definition
natural resources
Term
labor
Definition
physical human energy used in production
Term
capital
Definition
the tools, facility, and equipment used in the production and distributin of goods and service( these are man-made)
Term
entrepreneurship
Definition
a human process that leads to a unique way of combining scarce resources that involves risk when creating a new business
Term
Enterprise
Definition
a specific economic project or activity such as raising wheat or dairy cow
Term
management
Definition
mental human energy used in production, primarily concerned with decision making and evaluation of risks to accomplish predetermined goals
Term
competition
Definition
the effort of  two or more sellers, acting independently to get the business of others.----> variety, quality, and lower prices
Term
specialization
Definition
concentrating on one particular enterprise
Term
microeconomics
Definition
study of specific factors in economy that operates within the economy; includes business firms, cnsumers, labor unions, supply and demand, financial markets
Term
consumer
Definition
persons who buy good or services for personal use
Term

consumer sovereignty

 

Definition
he power of the consumer to determine what is produced(voting with your dollars)
Term
voluntary exchange
Definition
trade in which the parties incolved anticipate tht benefits will outweigh the cost
Term
capital
Definition
man made wealth used for production(machinery, buildings with decision making and evaluation of risks to accomplish predetermined goals)
Term
fiscal
Definition
having to do with money
Term
value
Definition
the measure of worth that a persn is willing t give up(in time, money, effort, etc.) for something
Term
"there is no such thing as a free lunch"
Definition
everything has a cost!( time, money...etc.)
Term
factor market (resource market)
Definition
the marketplace for productive resources(land, labor, capital, entrepreneurship)
Term
product market
Definition
the market in which goods and services are bought and sold.
Term
trade off
Definition
the alternative someone gives up when making a better economic choice
Term
circular flow diagram(model)
Definition
economic odel used to illustrate the independence between markets and all interaction in a market economy
Term

 

market economy

Definition
economic system where basic economic decisions are determined by the interactions of buyers and sellers, each acting in thier own self-intrest
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