The Macro Economy Today; Schiller; 14th Edition; Chapter 1
5 views 0 purchase
Course
The Macro Economy Today; Schiller; 14th Edition;
Institution
The Macro Economy Today; Schiller; 14th Edition;
The Macro Economy Today; Schiller; 14th Edition; Chapter
1
Key Economics Terms and Definitions
1. Scarcity : The lack of enough resources to satisfy all desired uses of those resources.
2. Factors of Production : Resource inputs used to produce goods and services, such as land, labor,
cap...
The Macro Economy Today; Schiller; 14th Edition; Chapter
1
Key Economics Terms and Definitions
1. Scarcity ✅: The lack of enough resources to satisfy all desired uses of those resources.
2. Factors of Production ✅: Resource inputs used to produce goods and services, such as land, labor,
capital, and entrepreneurship.
3. Capital ✅: Final goods produced for use in the production of other goods, such as equipment and
structures.
4. Entrepreneurship ✅: The assembling of resources to produce new or improved products and
technologies.
5. Economics ✅: The study of how best to allocate scarce resources among competing uses.
6. Opportunity Cost ✅: The most desired goods or services that are forgone to obtain something else.
7. Production Possibilities ✅: The alternative combinations of final goods and services that could be
produced in a given time period with all available resources and technology.
8. Efficiency ✅: The maximum output of a good from the resources used in production.
9. Economic Growth ✅: An increase in output (real GDP); an expansion of production possibilities.
10. Market Mechanism ✅: The use of marketplaces and sales to signal desired outputs (or resource
allocations).
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.