Economics Vocab

razepidi's version from 2017-10-24 15:07


Question Answer
scarcitya measure of how rare a resource is in the economy.
natural resourcesthings like land, water, metals, etc.
incentivesreasons to act a certain way - that will result in the best outcome for themselves, whether that is as an individual, organization, or nation
macroeconomicsthe study of economies as a whole,
microeconomicsthe study of individual market participants
GDP (gross domestic product)the total value of all goods and services produced by an economy in a given period of time, usually annually
goodsitems that are economically useful or satisfy an economic want
serviceswork that is performed by someone
consumerperson who uses a good or service
capital goodsgoods used to produce more goods
valueworth that can be expressed in dollars
utilitythe capacity to be useful and provide satisfaction

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