Economy (1 semester final)

Define labor

• previously manufactured goods used to make other goods and

  services.

• human effort directed toward producing goods and services.

• ability of risk-taking individuals to develop new

  products and start new businesses in order to make profits.

• Is the knowledge that one person has

Define capital

• Amount of money originally borrowed in a loan

• Previously manufacturing goods used to make other goods and services

• The production and distribution of goods and services in a society

• System of combining characteristics of more than one type of economy

Define Technology

• Prices

• Phones

• Advance in knowledge leading to new and improvement goods and services and better ways of producing them

• Apples

Define Entrepreneurship

• system in which the government

  controls the factors of production and makes all decisions about their use.

• system in which individuals own the

  factors of production and make economic decisions through free interaction

  while looking out for their own and their families' best interests.

• system in which economic decisions

  are based on customs and beliefs that have been handed down from generation to

  generation.

• ability of risk-taking individuals to develop new

  products and start new businesses in order to make profits.

Define Economic model

• a theory or simplified representation that helps explain

  and predict economic behavior in the real world.

• value of the next best alternative given up for the

  alternative that was chosen.

• condition of not being able to have all of the goods and services

  one wants, because wants exceed what can be made from all available resources

  at any given time.

• previously manufactured goods used to make other goods and

  services.

Define Economy

• system of combining characteristics of

  more than one type of economy.

• the production and distribution of goods and services in a

  societv.

• economic system in which private individuals own the

  factors of production.

• ability of risk-taking individuals to develop new

  products and start new businesses in order to make profits.

Define economics

• the production and distribution of goods and services in a

  societv.

• value of the next best alternative given up for the

  alternative that was chosen.

• the study of how individuals and societies make choices about

  ways to use scarce resources to fulfill their wants.

• system in which individuals own the

  factors of production and make economic decisions through free interaction

  while looking out for their own and their families' best interests.

Define Opportunity Cost

• Scarcity in resources

• Value of the next best alternative given up for the

  alternative that was chosen.

• condition of not being able to have all of the goods and services

  one wants, because wants exceed what can be made from all available resources

  at any given time.

• economic system in which private individuals own the

  factors of production.

Define Scarcity

• advance in knowledge leading to new and improved goods

  and services and better ways of producing them.

• condition of not being able to have all of the goods and services

  one wants, because wants exceed what can be made from all available resources

  at any given time.

• a theory or simplified representation that helps explain

  and predict economic behavior in the real world.

• the production and distribution of goods and services in a

  societv.

Define land

• previously manufactured goods used to make other goods and

  services.

• natural resources and surface land and water.

• the production and distribution of goods and services in a

  societv.

• a theory or simplified representation that helps explain

  and predict economic behavior in the real world.