Miller Economics Vocab #1

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26 Terms

1

need

something that we need for survival

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2

want

a desire that is unlimited while resources are limited

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3

economics

study of how humans seek to satisfy their wants and needs

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4

good

any physical object that can be purchased

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5

service

an action or activity that a person performs for another

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6

value

a worth that can be expressed in dollars and cents

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7

wealth

an accumulation of products that are tangible, scarce, transferable, and have utility

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8

consumer

person who buys goods or services for personal use

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9

producer

person who makes goods or provides services

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10

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

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11

entrepreneurs

those who decide to combine land, labor, and service

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12

incentives

benefits offered to encourage people to acct in certain ways

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13

utility

capacity to be useful and provide satisfaction

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14

trade-off

when you give one alternative for another course of action

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15

opportunity cost

when an alternative is given up as result of a decision

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16

guns or butter

(trade-offs) to produce more military goods and less consumer goods

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17

marginal cost

cost of using just one more unit of a good or service

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18

marginal benefit

benefits or satisfaction we receive from using just one more unit of a good or service

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19

underutilization

when an economy uses fewer resources than capable of using

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20

cost

alternative we give up when we choose one option over another

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21

statistics

numerical data or information

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22

micro

small

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23

macro

large

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24

graph

visual representations of numerical relationships

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25

efficiency

conditions in which resources are being used to maximize production or output of goods and services

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26

self-interest

own personal gain

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