Vocab
A PRODUCT THAT IS CREATED FOR FINAL USE BY YOU
THE TOOLS, EQUIPMENT, MACHINERY, AND FACTORIES USED IN THE PRODUCTION OF GOODS AND SERVICES
THIS ACRONYM IS USED TO EXPLAIN THAT NOTHING IN LIFE IS FREE BECAUSE SOMEONE HAS TO PAY FOR THE PRODUCTION COSTS
THERE IS NO SUCH THING AS A FREE LUNCH
CONDITION THAT RESULTS IN SOCIETY NOT HAVING ENOUGH RESOURCES TO PRODUCE ALL THE THINGS PEOPLE WOULD LIKE TO HAVE
A BASIC REQUIREMENT FOR SURVIVAL
WORK THAT IS PERFORMED BY SOMEONE. EXAMPLES INCLUDE WORK PERFORMED BY A DOCTOR, LAWYER, TEACHER, FIREMAN, POLICE OFFICER
GIFTS OF NATURE OR NATURAL RESOURCES THAT ARE NOT CREATED BY MAN.
THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES PRODUCES BY A COUNTRY THROUGHOUT THE WORLD OVER A 12-MONTH PERIOD
THE RESOURCES REQUIRED TO PRODUCE THE THINGS WE WOULD LIKE TO HAVE.
HINT: LAND, LABOR, CAPTIAL, ENTREPRENEURS
A WAY OF FULFILLING YOUR NEEDS
WORTH THAT CAN BE EXPRESSED IN DOLLARS AND CENTS
RISK-TAKER IN SEARCH OF PROFITS WHO DOES SOMETHING NEW WITH EXISTING RESOURCES
THE DOLLAR VALUE OF ALL FINAL GOODS AND SERVICES, AND STRUCTURES PRODUCED WITHIN A COUNTRY'S BORDERS IN A 12-MONTH PERIOD
MANUFACTURED GOODS ARE USED TO PRODUCE OTHER GOODS AND SERVICES
WHAT ARE THE THREE BASIC ECONOMIC QUESTIONS WE NEED TO ANSWER WHEN MAKING DECISIONS ABOUT THE USE OF OUR LIMITED RESOURCES?
PEOPLE, WITH ALL OF THEIR ABILITIES AND SKILLS.
THE COST OF THE NEXT BEST ALTERNATIVE USE OF MONEY, TIME OR RESOURCES WHEN ONE CHOICE IS MADE RATHER THAN ANOTHER CHOICE
WHEN A NATION'S TOTAL OUTPUT OF GOODS AND SERVICES INCREASES OVER TIME - MORE JOBS ARE CREATED AND WE HAVE MORE MONEY IN OUR POCKETS TO DO MORE
A LOCATION OR OTHER MECHANISM THAT ALLOWS BUYES AND SELLERS TO EXCHANGE A CERTAIN ECONOMIC PRODUCT
THE STUDY OF HOW PEOPLE TRY TO SATISFY WHAT APPEARS TO BE SEEMINGLY UNLIMITED AND COMPETING WANTS THROUGH THE CAREFUL USE OF RELATIVELY SCARCE RESOURCES.
WHEN ALL FACTORS OF PRODUCTION ARE PRESENT, THIS PROCESS OF CREATING GOODS AND SERVICES CAN TAKE PLACE
WE RELY ON OTHERS, AND OTHERS RELY ON US, TO PROVIDE THE GOODS AND SERVICES THAT WE CONSUME
THE SUM OF THE SKILLS, ABILITIES, HEALTH AND MOTIVATION OF PEOPLE