EPF MID TERM REVIEW / MR. PUGH

An economic model that compares the marginal costs and marginal benefits of a decision.

Something that people desire but that is not necessary for survival.

Worth of a good or service determined by people's preferences & the trade-offs they choose given their scarce resources

The quantity of goods and services produced from each unit of labor input.

Satisfaction or usefulness obtained from acquiring one more unitu of a product.

Goods and services that are used together

Economy where production is based on customs and traditions, with economic roles that are passed down by generations.

A system that provides the individual the opportunity to make their own economic decisions, free of government input

Limited quantities of resources to meet unlimited wants

The degree of wealth and material comfort available to a person or community.

A measurement of the total goods and services produced within a country.

System in which society, usually in the form of the government, owns and controls the means of production.

What is economic utility

Any activity that fulfills a human want or need and returns money to those who provide it.

Goods intended for final use by consumers rather than businesses.

Economic system based on private ownership of capital.

These are assets used in the production of goods and services

This is society's limited resources-landforms, minerals, vegetation, animal life and climate.

A curve that shows the relationship between the price of a prodcut an the quantity of a product demanded.

This is land, labor, and capital which are the three groups of resources that are used to make all goods and products.

something like air, food, water, or shelter that is necessary for survival.

An economic model

Economic system in which the major means of production, such as mines and factories, are controlled by the government.

the claim that other things being equal, the quantity demanded of a good falls when the price of a good rises.

This is a person who organizes, manages, and takes on the risks of a business.

Cost of the next best alternative use of money, time, or resources when one choice is made rather than another.

This is the study of how people satisfy wants with scarce resources.

The total value of everything someone owns, minus the debts.

The methods and principles that a society uses to produce and distribute goods and services.

This is the human effort directed toward producing goods and services.

An alternative that we sacrifice when we make a decision.

A reliance on others, as they rely on you, to provide goods and services to be consumed.

Econ system in which decisions on production & consumption of goods/services are based on voluntaryexchange in markets.

Human capital is

The Economic system in which the government makes all economic decisions.

THe division of work into a number of separate tasks to be performed by differnet workers.

The line on a production possibilities graph that shows the maximum possible output.

The development of skills in a specific kind of work

a group of buyers and sellers of a particular good or service.