WHAT IS ECONOMICS?

VOCABULARY A

VOCABULARY B

VOCABULARY C

VOCABULARY D

VOCABULARY E

100

Direct trade of exchanging one set of goods for another

What is barter

100

simplified version of reality based on assumptions relating to current conditions

What is model

100

use of the smallest amount of resources to produce the greatest amount of output

What is efficiency

100

goal if to develop a new combination of the other 3 facts of production to crest something of value

What is entrepreneurship

100

physical objects that can be purchased

What is goods

200

people who decide to buy things

What is consumer

200

refers to both goods & services

What is product

200

level of output resulting from given level of input

What is productivity

200

people who satisfy their own needs without outside assistance

What is self-sufficient

200

Assigning a small number of tasks to each worker

What is division of labor

300

allows producers/consumers to agree to provide one type of item in return for another

What is exchange

300

any item that is readily accepted by people in return for goods/services

What is money

300

allows consumers to use items before completing payment for the merchandise

What is credit

300

products usefulness

What is utility

300

used to analyze trade-offs/opportunity costs in prodding specify combination of goods

What is production possibilities curve

400

goods/services necessary for survival

What is need

400

people who make the things that satisfy consumers' needs/wants

What is producer

400

value of next best alternative given up to obtain a particular item

What is opportunity cost

400

person who studies economic choices

What is economist

400