Vocabulary
Economics
Anything that is taken from the earth naturally.
Land (natural resources)
Worth expressed in dollars and cents.
Value
What is the name of the chart used to determine how many goods (unrelated) can be produced at one time.
Production Possibilities Frontier (PPF)
Economics on a large scale examining things like world trade, GDP, national employment, demand, etc.... is known as _______________________.
Macroeconomics
The condition that results in not having enough resources.
Scarcity
The skills that humans have in order to complete tasks (mental/learned or physical).
Labor (Human Resources)
Having the capacity to be useful and provide satisfaction.
Utility
When interpreting a PPF what does a point located on the curve represent?
Max production
Someone who creates goods and services.
Producer
A basic requirement for survival (ex. food, clothing, and shelter.)
Need
Tools that are used to create efficiency and help complete tasks.
Capital (Capital Resources)
A way of expressing a specific need.
Good
Economics on a scale that examines individuals, businesses, families, and community is traditionally known as ______________________.
Microeconomics
An item when purchased is planned on to be useful for a minimum of three years.
Durable Good
The resources required to produce the things we would like to have.
Factors of Production
The ability to take a risk to start your own business.
Entrepreneurship
The next best alternative use of money, time, or resources.
The idea of relying on other industries, businesses, and individuals while they rely on you for the common good is known as ____________________.
Interdependence
What two items are many times given as examples when referring to the paradox of value?
Diamonds and Water
The total amount of goods and services created within a nation in one calendar year.
Gross Domestic Product (GDP)
An economy in which individuals and businesses control the factors of production or the demand for goods and services.
Free Enterprise (acceptable: Capitalism or Market Economy)
The gathering of scarce and useful resources. Tangible items only can be counted.
Wealth
The degree of wealth and material comfort available to a person or community is known as ___________________________________.
Standard of Living.
What two items do economists like to use in the basic examples of a PPF (two unrelated items).
Guns and Butter