Econ Vocab

Question	Answer
scarcity	not enough resources
Economics	study how people satisfy unlimited/competing wants w/ scarce resources
need	basic requirement for life
want	way of expressing a need
factors of production	resources required to produce
land	natural resources
capital	tools, equiptment, etc
financial capital	money for tools for production
labor	people will all their efforts, abilities and skills
entrepreneurs	risk-takers in search of profit
production	creating g/s
GDP	Gross Domestic Product $ value of final g/s made in country's borders
economic products	g/s that are useful, relatively scarce and transferable
good	item that is useful or satisfying
consumer good	intended for final use by individuals
capital goods	manufactured goods are used to produce other goods
service	work performed for someone
value	worth (dollars)
paradox of value	cheap necessities, expensive non-necessities
utility	capacity to be useful or satisfying
wealth	accumulated value of all belongings
market	b/s exchange products
factor markets	sell productive resources (labor!)
product markets	producers sell g/s
economic growth	nations output increases (must be larger than increasing pop & inflation)
productivity	output ------- input

Resource summary

	Created by Audrey Knuuttila over 10 years ago