Economic Definitions

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Words List(answer : question or clue)

resources: factors of production
scarcity: A situation where there is not enough to satisfy everyone's wants
economic: _________  good - a product that require resources to produce it
free: ________  good - a product which does not require any resources to produce it.
labor: human effort used in producing goods and services.
capital goods: human made goods used in production.
consumer: _________ goods and services purchased by households for their own satisfaction.
enterprise: risk taking and key decision making in business.
depreciation: value of capital goods that have worn out.
net: ____________  investment is gross investment minus depreciation.
cost: opportunity  _________ is the best alternative forgone.
PPC: a curve that shows the maximum output of two types of products and combination of those products that can be produced with existing resources and technology.
macro: _______________  economics is the study of the whole economy.
agents: economic ________ are the decision makers of the economy
land: natural resources
consumers: buyers of goods and services
wants: products people desire to have.
rent: A payment for the use of land
mobility: capable of moving from one location to another or from one use to another.

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