Economics: New Ways of Thinking Vocab. Ch.1-Ch.16 – Flashcards
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a thing that we desire to have
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wants
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needed to produce the goods and services that satisfy wants
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resources
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where wants are greater than resources available to satisfy those wants
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scarcity
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what you're giving up; choices
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opportunity cost
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where more of one thing means less of something else
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trade-off
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"production possibilities frontier" representation of all possible combinations of 2 goods that an economy can produce
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PPF
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deciding who gets what portion of the available resources and goods
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rationing device
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the science that studies the choices of people trying to satisfy their wants in a world of scarcity
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economics
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"additional"
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marginal
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something that encourages or motivates a person to take action
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incentive
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branch of economics that deals with human behavior and choices as they relate to relatively small units
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microeconomics
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branch of economics that deal with human behavior and choices as they relate to an entire economy
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macroeconomics
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an explanation of how something works, designed to answer a question where there's no obvious answer
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theory
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able to be felt by touched
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tangible
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not able to be felt by touch
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intangible
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anything that satisfy a person's wants or brings satisfaction, tangible
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goods
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the quality of bringing satisfaction or happiness
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utility
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the quality of bringing dissatisfaction or unhappiness
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disutility
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tasks that people pay others to perform for them
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services
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all the natural resources in nature (land, minerals, etc.)
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land
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the physical and mental talents that people contribute to the production of goods and services
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labor
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produced goods that can be used as resource for further production (machines, farm tractors, etc.)
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capital
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special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things
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entrepreneurship
