Virtual Virginia economics and personal finance module 1 vocab

Economics The study of how individuals and societies make choices under the condition of scarcity.
Scarcity A condition that exists when there are not enough resources to satisfy all of the competing users
Resource 4 categories-labor, or human resource, land or natural resources, capital resources, and entrepreneurship
Labor/human resources Physical and mental capabilities of individuals used in the production of goods and services
Land/natural resources Includes all types of natural resources
capital resources Include equipment, machines, tools, and infrastructure
Entrepreneurship the process of running a business of one’s own
Microeconomics the study of how households and firms make decisions and how they interact in markets
Macroeconomics The study of the economy as a whole
Economic model a simplified representation of an economic environment, often employing a graph
Variable A factor that can change
pie chart Data graphed as slices of a circular pie.
bar graph A graphic form using bars to make comparisons of statistics
time series graph Shows how the value of a variable changes Over time
X-axis the horizontal number line on the graph
Y-axis the vertical axis on a coordinate plane
Intersection A point where lines intersect.
vertical intercept The point at which the graph intersects the vertical axis
positive relationship If both variables move in the same direction
slope of a curve The vertical difference between the rise and the run
Negative relationship One variable increases while the other decreases

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