Chapter 1 Terms - Economics
Terms right out of the textbook.
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- The inputs, or factors of production, used to produce the goods and services that people want; consist of labor, capital, and natural resources
- The physical and mental effort used to produce goods and services
- The buildings, equipment, and human skills used to produce goods and service
- Profit- seeking decision maker who starts with an idea, organizes an enterprise to bring that idea to life, and assumes the risk of the operation
- Payment to resource owners for their labor
- Payment to resource owners for the use of their capital
- Payment to resource owners for the use of their natural resources
- Reward for entrepreneurial ability; sales revenue minus resource cost
- A tangible product used to satisfy human want
- An activity, or intangible product, used to satisfy human wants
- Occurs when the amount people desire exceeds the amount available at a zero price
- A set of arrangements by which buyers and sellers carry out exchange at mutually agreeable terms
- Incremental, additional, or extra; used to describe a change in an economic variable
- The study of the economic behavior in particular markets, such as that for computers or unskilled labor
- The study of the economic behavior of entire economies, as measured, for example, by total production and employment
- A measure, such as price or quantity, that can take on different values at different times
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