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Economic Chapter 1

Economic words

TermDefinition
Economics the study of society chooses to use scarce resources to satisfy its unlimited wants and needs
Economist someone who studies economic theory and applies it to the real world
Microeconomics
Macroeconomics
Consumers one who buys goods or services for personal use reather than for resale or use in production or manufacturing
Producers
Goods
Services
Resources
Factors of production
Natural Resources
Human Resources
Capital Resources
Capital Goods a building structure,machine or tool that is used to produce goods or services
Consumer Goods
Technology
Entrepreneurship
Entreprenuer
Created by: ayeyopaula