Economics - Chapter 1

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Vocabulary terms from chapter one of Economics for Everybody (3rd edition)

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.

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