Economics Vocab
What is Economics?
The decision-making process or using scarce resources.
What are the Four Factors of Production?
Capital, Entrepreneurship, Labor, Land
What does PPF mean?
Production Possibility Frontier
Demand to Demand 1 (Right)
Increasing
A type of good that can be replaced by another good
Substitute Goods
What is Microeconomics?
Individuals and Businesses also known as supply and demand.
what are the three versions of resources that land produces?
Natural Reasources, Renewable, Non-Renewable
What is another name for Reasources?
Factors of Production
Decreasing
Complement Good
What is Macroeconomics?
Governments and countries as whole also known as inflation.
What is a Natural Reasource?
Something that comes or uses the earth.
When there is equal change, and the slope of the curve is constant.
Price of Coke (Increases)
Coke Demand (Decreases)
Pepsi Demand (Increases)
What is the shift for this?
Shifts to the Right
How much we like that good
Taste Good
What is Scarcity?
How people and governments work with limited resources against unlimited wants.
What is a renewable resource?
A reasource that can be reused or re-created.
What is Concaved Bowed Out?
When the reasources are not equally productive in all activities and are more suitable for specific goods.
Hot dogs price (Increases)
Hot dogs Demand (Decreases)
Buns (Decreases)
In what direction will it shift?
Shifts to the Left
More income will lead to more spending
Income Good
Give me an example of Scarcity.
Large populated country and limited water supply
Water is a scarce reasource.
What is a non-renewable reasource?
A reasource that can not be reused such as oil, gas, etc.
What is Concaved Bowed In?
When the opprotunity cost goes down as more of that good is produced.
Waffle Price (Increases)
Waffle Demand (Decreases)
Pancakes Demand (Increases)
In what direction will it shift?
Shifts to the Right
People who buy in the market
Number of Buyers