Economic Terms
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Economic Terms. There are some basic economic terms that we need to be aware of before we can learn about the economy. Wants. Things we desire to have. Goods. Physical products. Services. Products you can’t touch. Scarcity. The result of an inability to satisfy all of everyone’s wants

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Wants
Wants of before we can learn about the economy.

Things we desire to have


Goods
Goods of before we can learn about the economy.

Physical products


Services
Services of before we can learn about the economy.

Products you can’t touch


Scarcity
Scarcity of before we can learn about the economy.

The result of an inability to satisfy all of everyone’s wants

EVERYTHING IS SCARCE


Choices
Choices of before we can learn about the economy.

  • We can’t have everything we want

  • Therefore, we must choose what we get


Opportunity costs
Opportunity Costs of before we can learn about the economy.

The best alternative given up when making a decision


Rationing device
Rationing Device of before we can learn about the economy.

A means for deciding who gets what portion of the available goods and services


Economics
Economics of before we can learn about the economy.

Studies the choices of people trying to satisfy their wants in a world of scarcity


Exchanging
Exchanging of before we can learn about the economy.

Giving one thing for another (e.g. $ for food)


Market
Market of before we can learn about the economy.

Whenever and wherever people voluntarily make exchanges with one another


Economic Concepts of before we can learn about the economy.


These concepts are the basis for our study of the economy of before we can learn about the economy.


Trade offs
Trade-offs of before we can learn about the economy.

Giving up some of one thing in order to get more of another


Unintended effects
Unintended Effects of before we can learn about the economy.

  • Taking action to solve one problem results in something unrelated to occur.

  • Example: raising the price on a pair of shoes to earn more money and ending up selling fewer shoes and actually losing money


Global economy
Global Economy of before we can learn about the economy.

Economic actions taken anywhere in the world may affect an individual’s standard of living


Microeconomics
Microeconomics of before we can learn about the economy.

Studies the individual or a single business in the economy


Macroeconomics
Macroeconomics of before we can learn about the economy.

Studies the economy as a whole


Factors of production
Factors of Production of before we can learn about the economy.

  • Natural resources

  • Human resources

  • Capital

  • Entrepeneurship


Economic questions
Economic Questions of before we can learn about the economy.

  • What goods will be produced?

  • How will the goods be produced?

  • For whom will the goods be produced?


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