Econ Unit 1 Vocab Review

The situation that exists when there are not enough resources to meet human needs

• Economics

• Scarcity

• Macroeconomics

• Microeconomics

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

• Cost-Benefit Analysis

• Incentives

• Economics

• Opportunity Cost

The study of the behavior of the economy as a whole (unemployment, inflation, etc.)(Large)

• Macroeconomics
• Microeconomics
• Incentives

• Entrepreneur

A person who buys goods and services for personal use.

• Incentives

• Entrepreneur

• Labor

• Consumer

The study of the behavior of individual players in the economy (individuals, families, etc.) (Small)

• Macroeconomics

• Marginal Cost

• Microeconomics

• Capital

A person who uses the factors of production to produce a good or service

• Entrepreneur

• Labor

• Consumer

• Economics

Any human-made resource that is used to create other goods and services.

• Land

• Labor

• Capital

• Entrepreneurship

All of the natural resources that is used to create other goods and services.

• Land

• Labor

• Capital

• Entrepreneurship

Benefits offered to encourage people to act in a certain way.

• Marginal Cost

• Marginal Benefit

• Incentives

• Opportunity Cost

A factor of production, human effort used to produce a good or service.

• Land

• Labor

• Capital

• Entrepreneurship