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The Macro Economy Today; Schiller; 14th Edition; Chapter 1
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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...

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  • September 9, 2024
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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).

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