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AP Microeconomics Vocab Final
( ͡° ͜ʖ ͡°)
24
Economics
12th Grade
05/12/2016

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Cards

Term
Scarcity
Definition
The condition that results from society not having enough resources to produce all the things people would like to have.
Term
Capital
Definition
The tools, equipment, machinery, and factories used in the production of goods and services.
Term
Labor
Definition
People with all their efforts, abilities, and skills.
Term
Entrepreneur
Definition
A risk-taker in search of profits who does something new with existing resources.
Term
Consumer Goods
Definition
A manufactured item used to produce other goods and services.
Term
Paradox of Value
Definition
The situation in which some non-necessities have a much higher value than some necessities.
Term
Factor Market
Definition
A market where productive resources are bought and sold.
Term
Economic Interdependence
Definition
Reliance on one another to provide the goods and services that people consume.
Term
Opportunity Cost
Definition
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
Term
Command Economy
Definition
An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions.
Term
Capitalism
Definition
A system in which private citizens own the factors of production
Term
Profit Motive
Definition
The driving force that encourages people and organizations to improve their material well-being
Term
Capital
Definition
The tools, equipment, machinery, and factories used in the production of goods and services.
Term
Labor
Definition
People with all their efforts, abilities, and skills.
Term
Entrepreneur
Definition
A risk-taker in search of profits who does something new with existing resources.
Term
Consumer Goods
Definition
A manufactured item used to produce other goods and services.
Term
Paradox of Value
Definition
The situation in which some non-necessities have a much higher value than some necessities.
Term
Factor Market
Definition
A market where productive resources are bought and sold.
Term
Economic Interdependence
Definition
Reliance on one another to provide the goods and services that people consume.
Term
Opportunity Cost
Definition
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
Term
Command Economy
Definition
An economy in which a central authority makes most of the WHAT,HOW, and FOR WHOM decisions.
Term
Capitalism
Definition
A system in which private citizens own the factors of production
Term
Profit Motive
Definition
The driving force that encourages people and organizations to improve their material well-being
Term
Mixed Economy
Definition
Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation.
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