L1 Economics, Needs, Wants, Goods & Services
The work you do is one type of resource called
Labor
To give up one thing for another
trade-off
The person who runs a business or some part of it
manager
The amount of goods and services workers can produce in a given time.
productivity
__________ take risks to make new ideas happen.
Entrepreneurs
The study of how people and countries make decisions about how to use their scarce resources in the most efficient way.
Economics
A problem in which wants are greater than what is available
scarcity
When someone starts a new business or improves an old one
Entrepreneurship
The use of science to create new products or make old ones better
technology
Economics is all about making......
Choices
Another type of resource. It refers to all machines, building, tools and money.
Capital
Each possible use of a resource
opportunity
Capital resources are all buildings, tools, _________, and monies used to provide goods and services.
equipment
Introduced by Henry Ford, a system in which a product moves from worker to worker so it can be put together faster
assembly line
People who research, record, study, compare, analyze and give advice on the distribution of resource such as land, labor, raw materials & machinery are called
Economist
A ________ is something that is necessary to stay alive; A __________ is something that is not needed to survive but makes life better.
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What are the four basic needs:
needs & wants
food, water, clothing & shelter
The cost of choosing one choice over another
opportunity cost
A daughter of former slaves, orphaned at the age of seven, who became one of the first American women to become a millionaire from selling hair care products that she created.
Madame C.J. Walker
Dividing up workers so that each worker completes one job, which is one part of a larger
Division of Labor
Let's say that you have a limited amount of time and money to produce # toys & or # books, you have to make a decision about the trade-offs and opportunity cost. This economic model is shown by using
The Production Possibility Curve
The things that people buy are ______________;
______________ refers to work done for other people for a fee.
goods & Services
_________ are all the combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
Production possibilities
Resources that are used to make goods and services
***DAILY DOUBLE***
What are the Three factors of production?
factors of production
1. Natural Resources, 2. Labor Resources
3. Capital Resources
When a person, country, or region works on making one part of an item
Specialization
______________ was an important British Economist who taught political economics at the University of Cambridge and wrote a book that have terms that we use today.
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What was the name of his this book?
Alfred Marshall
The Principles of Economics