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Economics

TermDefinition
Economics The study of how society chooses to use scaece resources to satisfy its unlimited wants.
Economist Someone who studies economic theory and applies it to the world.
Miceoecomomics The study of a single factor of the ecomomy instead of the economy as a whole.
Macroeconomics The study of an entire economy or one of its principle sectors.
Consumers One who buys goods and products for personal use.
Producers A person, group, or business that makes goods or peovides services to satisfy customers.
Goods An object or material that can be purchased to satisfy human needs.
Resources Anything used to produce goods or services.
Services Any action or activity that is performed for a fee.
Factors of Production A resource to produce goods or services.
Natural Resources Any material provided by nature that can be used to produce goods and provide services.
Human Resources Any human effort put into producing goods and services
Capital Resources An item that is used to in the production of another product.
Capital Goods A building, structure, machine or tool used in the production of another product.
Consumer Goods A finished product that is consumed by an individual.
Technology Scientific and technical techniques used to produce existing products more efficiently.
Entrepeneurship The organizatinal activities and risk taking involved in staeting a new business.
Entrepeneur Someone who undertakes and develops a new business.
Scarcity The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.
Created by: Youngloks2014
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