Unit 1 part 1
The condition that results from society not having enough resources to produce all the things people would like to have.
Scarcity
The worth of an item in dollars and cents.
Value
Deals with behaviour and decision making by small units. (individuals and small business)
Microeconomics
Tangible assets such as buildings and machinery that one organisation uses to produces goods or services.
Capital Goods
A contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some later date.
Credit
The study of how people try to satisfy what appears to be unlimited and competing wants through the careful use of relatively resources
Economics
A risk-taker in search of profits who does something new with existing resources.
Entrepreneurs
Describes the amount of usefulness of a product
Utility
Exchange goods or services for other goods or services without using money.
Barter
An expert who studies the relationship between a society's resources and its production or output.
Economist
An item that is economically useful or satisfies an economic want.
Goods
Resources required to produce the things we would like to have.
Factors of production
The state or quality of producing something.
Productivity
Products bought for consumption by the average consumer.
Consumer Goods
Able to accomplish something with the least waste of time and effort.
Efficiency
Work that is performed for someone
Services
We rely on others, and others rely on us.
Interdependence
What causes a lot of workers to lose their jobs?
Technology
The loss of potential gain from other alternatives when one alternative is chosen.
Opportunity Cost
An act of giving one thing and receiving another in return.
Exchange
A person who uses goods and services to satisfy needs and wants.
Consumer
Work is arranged so that individual workers do fewer tasks.
The division of things into shares or portions.
Allocate
People who make up the workforce of an organisation, business sector, or economy.
Human Resource