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baby cakes

Economics Study of the choices people make to satisy their wants and needs.
Economist A person who studys these economic choices
Microeconomics Is the study of the choices made by economic actors such as households companies and individual markets
Macroeconomics Examines the behavior of entire economics
consumers bitch The people decide to buy bitchy things
Producers The people who make the things that satisfy consumers needs and wants
Goods Physical objetcs that can be purchased
Services Are actions or activites that are performed for a fee
Resources Is anything that people use to make or obtain what they need or want
Factor of production Resources that can be used to produce goods and services
Natural Resources Items provided by nature that can be used to produce goods and to provide services
Human resources Any human effort exerted during production
Capital resources Manufactutred materials used to create products
Capital goods Are buildings, structures, machinery, and tools, used in production process
Consumer Goods The goods and services that some poeple buy
Technology Is the use of technical knowledge and methods to create new products or make existing products more efficientily
Entrepenurship Combination of organnizational abilitys and risk taking involved in starting a new buisness or introducing a new product
Entrepenur Is the person who attempts to start a new buisness or introsuce a new productScx
Scarcity Most basic problem of economics because it enforces people to make decisions about how to use resources effectively
Allocate Distribute, resources in order to satisfy the greatest number of needs and wants
Productivity Is the level of output that results from A given level of input
Efficiency Is the use of the smallest amount of resources to produce the greatest amount of output
Division of Labor A small number of tasks to each worker
Specialization Allows each employee to work faster and to produce a greater number of alarm clocks
Trade-off Economic terms to sacrifice
Oppurtunity cost The value of the next best alternative that is given up to obtain a perfered item
Production possiblity ties curve Shows all the possible combinations of two goods or services that can be produced with in a stated time given to important assumptions
Exhcange Producers gain this information through a process called exchange
Barter Direct trade
Money Any item that is readily accepted by people in return for goods and services
Credit Third form of exhchange
Value Can be expressed as an amount of moeny of price
Utility Value is also determined by the degree to which the product has utility
Self-sufficiency When they can fufill all of their needs without outside assistance
Interdependence Means that events of developments in one reigon of the world or sector of the economy influences events or developments in other reigons or sectors
Created by: cakesfordays



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