Econ Unit 1

Front

study of how people make choices to satisfy their wants and needs through the careful use of relatively scarce resources

Back

Economics

Front

economics that is concerned with large scale/general factors and looks at the economy as a whole

Back

macroeconomics

Front

economics that studies behavior and choices of an individual, business, or family

Back

microeconomics

Front

good that lasts at least 3 years-- sometimes more expensive b/c of investment for long term use

Back

durable good

Front

good that needs to be consumed quickly-- may have a cheaper price due to shorter time

Back

nondurable good

Front

good that is bought and used by an individual for personal consumption

Back

consumer good

Front

occurs when there is a limited amount (often natural) of a good to meet an unlimited demand. ex. fossil fuels, clean water, farmable land

Back

scarcity

Front

occurs when producers cannot keep up with the demand for a good (ex. toilet paper (COVID), labor, affordable housing)

Back

shortage

Front

factor of production that includes all natural resources that go into business

Back

land

Front

factor of production that includes all workers EXCEPT the owner of a business

Back

labor