Virtual Virginia economics and personal finance module 1 vocab – Flashcards
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Economics
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The study of how individuals and societies make choices under the condition of scarcity.
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Scarcity
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A condition that exists when there are not enough resources to satisfy all of the competing users
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Resource
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4 categories-labor, or human resource, land or natural resources, capital resources, and entrepreneurship
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Labor/human resources
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Physical and mental capabilities of individuals used in the production of goods and services
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Land/natural resources
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Includes all types of natural resources
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capital resources
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Include equipment, machines, tools, and infrastructure
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Entrepreneurship
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the process of running a business of one's own
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Microeconomics
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the study of how households and firms make decisions and how they interact in markets
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Macroeconomics
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The study of the economy as a whole
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Economic model
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a simplified representation of an economic environment, often employing a graph
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Variable
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A factor that can change
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pie chart
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Data graphed as slices of a circular pie.
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bar graph
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A graphic form using bars to make comparisons of statistics
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time series graph
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Shows how the value of a variable changes Over time
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X-axis
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the horizontal number line on the graph
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Y-axis
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the vertical axis on a coordinate plane
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Intersection
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A point where lines intersect.
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vertical intercept
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The point at which the graph intersects the vertical axis
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positive relationship
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If both variables move in the same direction
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slope of a curve
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The vertical difference between the rise and the run
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Negative relationship
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One variable increases while the other decreases
