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need
something that we need for survival
want
a desire that is unlimited while resources are limited
economics
study of how humans seek to satisfy their wants and needs
good
any physical object that can be purchased
service
an action or activity that a person performs for another
value
a worth that can be expressed in dollars and cents
wealth
an accumulation of products that are tangible, scarce, transferable, and have utility
consumer
person who buys goods or services for personal use
producer
person who makes goods or provides services
gross domestic product
monetary value of all final goods, services, and structure produced in a country during a year; most comprehensive measure of a country’s total output; key measure of a nation’s economic health
entrepreneurs
those who decide to combine land, labor, and service
incentives
benefits offered to encourage people to acct in certain ways
utility
capacity to be useful and provide satisfaction
trade-off
when you give one alternative for another course of action
opportunity cost
when an alternative is given up as result of a decision
guns or butter
(trade-offs) to produce more military goods and less consumer goods
marginal cost
cost of using just one more unit of a good or service
marginal benefit
benefits or satisfaction we receive from using just one more unit of a good or service
underutilization
when an economy uses fewer resources than capable of using
cost
alternative we give up when we choose one option over another
statistics
numerical data or information
micro
small
macro
large
graph
visual representations of numerical relationships
efficiency
conditions in which resources are being used to maximize production or output of goods and services
self-interest
own personal gain
Note
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