Vocab
The monetary amount that is associated with a good or service.
What is value?
The building block of economics - the idea that resources are limited.
What is scarcity?
The price, whether monetary or not, associated with the next best option.
What is opportunity cost?
What is a monopoly?
Goods are commonly split into these two categories.
What are wants and needs?
An act that is done by someone for someone else.
What is a service?
A good that lasts longer than three years.
What is a durable good?
A cashier would be an example of this factor of production.
What is labor?
This President was the first to encourage legislation to defend consumers.
Who is John F. Kennedy?
The practical application value that a good has.
What is utility?
The ability to be given from one person or company to another.
What is transferable?
Companies will sometimes do this to increase productivity in the workplace.
What is division of labor?
A bulldozer would be an example of this factor of production.
What is capital?
This movement in the 1960s made an effort to defend those who could potentially be harmed by products
What is consumerism?
Construction workers repairing a road would be an example of this.
What is a service?
A good that lasts less than three years.
What is a nondurable good?
When considering production, wood from trees would be considered what factor?
What is land?
What is land, labor, capital, and entrepreneurs?
The father of economics - introduced the idea of the "invisible hand"
Who is Adam Smith?
This kind of good is intended to be sold to businesses.
What is a capital good?
This occurs when the monetary value of a good or service does not match the actual life value.
What is a paradox of value?
Occurs when a worker or group of workers become very skilled in a certain area of the workplace.
What is specialization?
What are the three questions that all societies and business have to answer?
What, how, and for whom to produce?
Who are entrepreneurs?
This graph is used to demonstrate the maximum number of a certain product can be produced with the given resources.
What is the Production Possibilities Curve?