Econ Honors: What is Economics?

Front

This is the social science that deals with how people satisfy unlimited needs and wants using scarce resources.

Back

economics

Front

This is a basic requirement for survival; including food, clothing and shelter.

Back

need

Front

This is something that we would like to have but it is not necessary for survival.

Back

want

Front

This is work or labor that is performed for someone.

Back

service

Front

The four factors of production are: land, labor, capitol, and this.

Back

entrepreneurship

Front

This is a risk taking individual who introduces new products in order to make money.

Back

entrepreneur

Front

This is the cost of the next best alternate use of money, time and/or resources.

Back

opportunity cost

Front

This is an alternative that MUST be given up when one choice is made rather than another.

Back

trade-off

Front

This is a meeting place where buyers and sellers come together. It can be electronic or in person.

Back

market

Front

This economic thinker is famous for his theory of "the invisible hand" as a way of moving markets.

Back

Adam Smith