the process of making a product

study of how people make choices when resources are scarce

materials/tools/people needed to create a product

what a person LOSES from choosing an option

a good is temporarily unavailable

satisfaction a person gets from making a purchase

what a person GAINS from choosing an option

something people desire (electronics, cars, etc)

people/countries depend on each other to get what they need

voluntary transaction

trade that makes everyone involved happy

the option someone gives up--the next best thing

necessities and comforts enjoyed by an individual or group

people focus on the task they do best

ALL the things people can use to make goods

the options a person does not choose when making a decision

the rate at which goods are produced

unlimited wants/needs met with limited resources

the marginal benefit outweighs the marginal cost of a choice

the things that motivate people (profit, for example)

things from nature... people cannot create them(oil, water)

the ways people benefit from making voluntary transactions

something necessary for survival (food, shelter, etc)

studbud

Intro to Economics Terms

25 termsStudBud Administration12 plays

A #economics Quiz to introduce the #basics.

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
labor
materials/tools/people needed to create a product
what a person GAINS from choosing an option
the process of making a product
2
Adam Smith
Prime Minister of England
the first President
father of modern economics
3
economics
materials/tools/people needed to create a product
jobs are divided among workers
study of how people make choices when resources are scarce
4
capital
the rate at which goods are produced
materials/tools/people needed to create a product
necessities, comforts, enjoyed by an individual or group
5
marginal cost
what a person LOSES from choosing an option
what a person GAINS from choosing an option
the options a person does not choose when making a decision
6
shortage
a good is temporarily unavailable
necessities and comforts enjoyed by an individual or group
unlimited wants/needs met with limited resources
7
utility
satisfaction a person gets from making a purchase
worthlessness
ability to use something
8
marginal benefit
what a person LOSES from choosing an option
what a person GAINS from choosing an option
the options a person does not choose when making a decision
9
want
something people desire (electronics, cars, etc)
trade that makes everyone involved happy
something necessary for survival (food, shelter, etc)
10
interdependence
resources from nature
people/countries depend on each other to get what they need
materials/tools/people needed to create a product
11
voluntary transaction
what a person gives up when making a choice
trade that makes everyone involved happy
jobs are divided among workers
12
division of labor
jobs are divided among workers
satisfaction a person gets from making a purchase
the ways people benefit from making voluntary transactions
13
opportunity cost
ALL the things people can use to make goods
the options a person does not choose when making a decision
the option someone gives up--the next best thing
14
standard of living
study of how people make choices when resources are scarce
what a person GAINS from choosing an option
necessities and comforts enjoyed by an individual or group
15
specialization
the rate at which goods are produced
people focus on the task they do best
the process of making a product
16
resources
materials/tools/people needed to create a product
ALL the things people can use to make goods
things people cannot create (oil, water, etc)
17
trade-off
what a person LOSES from choosing an option
the options a person does not choose when making a decision
what a person GAINS from choosing an option
18
productivity
jobs are divided among workers
the rate at which goods are produced
necessities and comforts enjoyed by an individual or group
19
scarcity
unlimited wants/needs met with limited resources
what a person GAINS from choosing an option
materials/tools/people needed to create a product
20
rational decision
the options a person does not choose when making a decision
necessities and comforts enjoyed by an individual or group
the marginal benefit outweighs the marginal cost of a choice
21
In order for something to be scarce, it must be ___________ and ______________.
desirable and limited.
natural or manmade
a want or need
22
incentives
something people desire (electronics, cars, etc)
the things that motivate people (profit, for example)
what a person LOSES from choosing an option
23
natural resources
things from nature... people cannot create them(oil, water)
something people desire (electronics, cars, etc)
something necessary for survival (food, shelter, etc)
24
Gain from trade
the things that motivate people (profit, for example)
materials/tools/people needed to create a product
the ways people benefit from making voluntary transactions
25
need
something necessary for survival (food, shelter, etc)
something people desire (electronics, cars, etc)
the ways people benefit from making voluntary transactions

Intro to Economics Terms Flashcards | StudBud