Basic Concepts Vocabulary

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Presentation transcript:

Basic Concepts Vocabulary Know the terms AND how to apply them!

Vocabulary Week 1 Scarcity: Resources: The basic economic problem that arises because people have unlimited wants but resources are limited Resources: An economic or productive factor required to accomplish an activity

Vocabulary Opportunity Cost: The value of the NEXT BEST alternative. Alternatives: One of many different actions that we might take in a given situation. Choices: The course of action we take when faced with a set of alternatives.

Vocabulary: Trade: a free exchange of goods or services Utility: a measure of happiness or satisfaction Efficiency: society getting the most it can from its scarce resources Trade-off: giving up something that promotes one goal to get more of something that promotes another goal.

Vocabulary: Market Economy: an economy that relies chiefly on market forces to allocate goods and resources and to determine prices Command Economy: an economy in which production, investment, prices, and incomes are determined centrally by a government.