CH01 Intro to Economics Vocaculary

a condition facing all societies because there are not enough productive resources to satisfy peoples unlimited wants

• scarcity

• productive resources

• economics

• human resources

the broad category of human efforts both physical and mental, used to produce goods and services

• labor

• capital goods

• marginal

• human resources

a profit-seeker who develops a new product or process and assumes the risk of profit or loss

• human resources

• opportunity cost

• macroeconomics

• entrepreneur

the study of how people use their scarce resources to satisfy their unlimited wants

• microeconomics

• economics

• economic theory

• macroeconomics

the physical and mental effort used to produce goods and services

• labor

• productive resources

• human resources

• natural resources

the inputs used to produce the goods and services people want

• capital goods

• productive resources

• human resources

• natural resources

the broad category of human efforts both physical and mental, used to produce goods and services

• human resources

• natural resources

• labor

• entrepreneur

"gifts of nature" used to produce goods and services; includes both renewable and exhaustible resources

• labor

• human resources

• capital goods

• natural resources

an item you can see, feel and touch that requires scarce resources to produce and satisfies human wants

• capital goods

• service

• good

• markets

incremental, additional, extra, or one more; refers to a change in an economic variable, a change in the status quo

• good

• sunk cost

• service

• marginal