First Econ Test

22 terms by c4rest15 

Create a new folder

Advertisement Upgrade to remove ads

Economics

-describes how society chooses from among scarce resources

Economic Systems

-How every society answers these questions:
1.What is going to be produced?
2. How to produce them?
3. Whom will get what is produced?

Cost

-What you have to give up

Benefit

-What you get because of a decision

Factors of Production

-Land, labor, capital, and entrepreneurship are examples

Entrepreneur

-A person who assumes risk in the market place

Scarcity

-The result of human wants exceeding our resources

Profit Motive

-The gain received because of an action or a decision; can be monetary or non-monetary

Sunk Cost

-where you put effort into something then it turns out to be worthless

Rent

-The return on land or property

Capital Goods

-Machinery and tools are examples of this

Utility

-Another word for satisfaction or enjoyment

Opportunity Cost

-What you give up to get something else

Market

-the effort of the people to the production of goods and services

Trade Off

-Exchanging the benefit of one choice with a more favorable benefit of another

Production Possibilities Frontier

-Shows the decision between two choices where buyers and sellers interact

Law of Diminishing Marginal Utility

-Each unit brings less enjoyment

Marginal

-next; next best____

Cost Benefit Analysis

-Examining the positive results and what is lost with each decision

Unintended Consequences

-The unexpected and unplanned results of a decision or action

Human Resources

-Skills and knowledge acquired through experience and/or decision

Natural Resources

-Referred to as "gifts of nature" that exist without human intervention

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set