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Economics
Econ Chapter 1
| Term | Definition |
|---|---|
| Capital | any human-made resource that is used to create other goods and services |
| Economics | the study of how people seek to satisfy their needs and wants by making choices |
| efficiency | using resources in such a way as to maximize the production of goods and services |
| Entrepreneur | ambitious leader who combines land, labor, and capital to create and market new goods and services |
| Goods | physical objects such as clothes or shoes |
| guns or butter | a phrase that refers to the trade-offs that nations face when choosing whether to produce more or less military or consumer goods |
| Human Capital | the skills and knowledge gained by a worker through education and experience |
| labor | the effort the people devote to a task for which they are paid |
| land | natural resources that are used to make goods and services |
| under utilization | using fewer resources that an economy is capable of using cost yo an economist, the alternative that is given up because of a decision |
| want | and item that we desire but that is not essential for survival |
Created by:
halvy
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