VOCAB
The study of how individuals, groups, nations manage and use resources.
Economics
Work performed for someone else
Services
is one that lasts three years or more when used on a regular basis. Durable goods include tools such as robot welders and tractors, and consumer goods such as automobiles.
Durable Good
refers to the “gifts of nature,” or natural resources not created by people.
LAND
the sum of people’s skills, abilities, health, knowledge, and motivation.
Human Capital
is the condition that results from society not having enough resources to produce all the things people would like to have.
Scarcity
Users of goods and services
Consumers
is an item that lasts for fewer than three years when used on a regular basis. Food, writing paper, and most clothing items are examples of nondurable goods.
Non-Durable Good
The tools, equipment, machinery, and factories used in the production of goods and services.
Capital
is a way of organizing work so that each worker or work group completes a separate part of the overall task.
Division of Labor
Useful items; tangible
Goods
Utility
is a good intended for final use by individuals, such as shoes, a shirt, or an automobile.
Consumer Good
People with all their efforts, abilities, and skills.
LABOR
takes place when factors of production perform only tasks they can do better or more efficiently than others.
Specialization
When you choose something at a store, you also choose not to buy something else..
Opportunity Cost
include all kinds of businesses, from individual artists who sell their creations at art shows to giant corporations whose annual revenue is in the billions of dollars.
Producers
is a tool or good such as machinery or equipment that is used by businesses to produce other products.
Capital Good
Risk-takers in search of profits who do something new with existing resources.
Entrepreneurs
What are 3 of the 7 things that make up Human Capital?
Health, Personality, Loyalty, Education, Skills, Experience, Emotional Intelligence
alternative choices that are given up in favor of the choice we select.
Trade-Offs
What are the 4 factors of production?
Land, Labor, Capital, Entrepeneurship
System in which consumers and privately owned businesses, rather than the government, make the majority of the WHAT, HOW, and FOR WHOM decisions.
Free Enterprise
This means that we rely on others, and others rely on us, to provide most of the goods and services we consume.
Economic Interdependence
What is Mr. P's favorite baseball team?
St. Louis Cardinals