Flashcards: Economics - Chapter 1
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Created by:
nlmrhistory 
on January 20, 2012
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Description:
Vocabulary terms from chapter one of Economics for Everybody (3rd edition)
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Terms | Definitions |
|---|---|
 Economics | The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants. |
| Consumers | People who use goods or services for their personal benefit. |
| Macroeconomics | The part of economics that looks at the operation of a nation's economy as a whole. |
| Microeconomics | The study of the economic behavior and decision making of small units, such as individuals, families, and businesses. |
| Goods | Items of value that can be seen and touched. |
| Services | Products having nonphysical features, such as information, expertise, or an activity that can be purchased. |
| Producers | Those people involved in making goods or services for other people. |
| Scarcity | Limited quantities of resources to meet unlimited wants. |
| Economic resources | The natural, human, and capital resources that are used to produce goods and services; also called factors of production. |
| Natural resources | Things found in nature that people can use to meet their needs. |
| Capital resources | The tools, equipment, and buildings that are used to produce goods and services. |
| Entrepreneurship | Process of starting, organizing, managing, and assuming the responsibility for a business. |
| Society | An extended social group having a distinctive cultural and economic organization. |
| trade-off | An alternative that we sacrifice when we make a decision. |
| Opportunity cost | What is given up when a choice is made. |
| Economists | Scientists who study how money, goods, and services are used. |
| Minimum wage | Lowest legal wage that can be paid to most workers. |