Terms : Hide Images
| 2829304265 | Trade offs | Alternative choices | 0 | |
| 2829304266 | Opportunity costs | The cost of the next best alternative use of money, time, or resources when one choice is made rather than the other | 1 | |
| 2829304267 | Production possibilities frontier | A diagram representing various combinations of goods and or services an economy can produce when all productive resources are fully employed | 2 | |
| 2829304268 | Cost benefit analysis | A way of thinking about a problem that compares the costs of an action to the benefits received | 3 | |
| 2829304269 | Free enterprise economy | System in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions | 4 | |
| 2829304270 | Standard of living | The quality of life based on possessions that make life easier | 5 | |
| 2829304271 | Scarcity | The condition that results from society not having enough resources to produce all the things people would like to have | 6 | |
| 2829304272 | Economics | The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources | 7 | |
| 2829304273 | Need | A basic requirement for survival that includes food, clothing, and shelter | 8 | |
| 2829304274 | Factors of production | Resources required to produce things people would like to have; they include land, capital, labor, and entrepreneurs | 9 | |
| 2829304275 | Land | Natural resources not created by humans | 10 | |
| 2829304276 | Capital | The tools, equipment, machinery, and factories used in the production of goods and services | 11 | |
| 2829304277 | Financial capital | The money used to but the tools and equipment used in production | 12 | |
| 2829304278 | Labor | People with all their efforts, abilities, and skills | 13 | |
| 2829304279 | Entrepreneur | A risk taker in search of profits who does something new with existing resources | 14 | |
| 2829304280 | Production | The process of creating goods and services | 15 | |
| 2829304281 | Gross domestic product | The dollar value of all final goods, services, and structures produced within a country's borders in a 12 month period | 16 | |
| 2829304282 | Economic product | A good or service that is useful, relatively scarce, and transferable to others | 17 | |
| 2829304283 | Good | An item that is economically useful or satisfies an economic what | 18 | |
| 2829304284 | Consumer good | An item intended for final use by individuals | 19 | |
| 2829304285 | Capital good | A manufactured item used to produce other goods and services | 20 | |
| 2829304286 | Service | Work that is performed for someone | 21 | |
| 2829304287 | Value | A with that can be expressed in dollars and cents | 22 | |
| 2829304288 | Paradox of value | The situation in which some non-necessities have a much higher value than some necessities | 23 | |
| 2829304289 | Utility | The capacity to be useful and provide satisfaction | 24 | |
| 2829304290 | Wealth | The accumulation of those economic products that are tangible, scarce, useful, and transferable from one person to another | 25 | |
| 2829304291 | Market | A location or other mechanism that allows buyers and sellers to exchange a certain economic product | 26 | |
| 2829304292 | Factor market | A market where productive resources are bought and sold | 27 | |
| 2829304293 | Product market | A market where producers sell their goods and services to consumers | 28 | |
| 2829304294 | Economic growth | The increase in a nations total output of goods and services over time | 29 | |
| 2829304295 | Productivity | A measure of the amount of output produced by a given amount of inputs in a specific period of time | 30 | |
| 2829304296 | Division of labor | Work arranged so that individual workers do fewer tasks than before | 31 | |
| 2829304297 | Specialization | Situation in which a factor of production performs tasks that it can do relatively more efficiently than others | 32 | |
| 2829304298 | Human capital | The sum of skills, abilities, health, and motivation of people | 33 | |
| 2829304299 | Economic interdependence | Reliance on one another to provide the goods and services that people consume | 34 |
