History Quiz
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Created by:
giantjones24 on February 11, 2010
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15 terms
Terms | Definitions |
|---|---|
 Benefits | Economist consider both the sots and the of an action |
| Opportunity | In economics. The word cost refers to the you give up when you choose to do something |
| Unintended | Economists consider the effects of an action, as well as its intended effects. |
| Global | Economists think in terms of a economy, an economy in which economic actions taken anywhere in the world may affect your standard of living. |
| Macro | Economists who specialize in focus on the big picture, studying economic choices as they relate to the entire economy. |
| Utility | Satisfaction |
| Intangable | not able to be felt by touch |
| Resources | Things that are used to produce goods or services |
| Scarcity | The condition in which wants are greater than resources |
| Economics | The science that studies the choices of people trying to satisfy their wants in a world of scarcity. |
| Land | Resource is a forest |
| Labor | Resource is a person working in a factory |
| Capital | Resource is a computer |
| Interest | Capital earn |
| Profits | Entrepreneurship earn |
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