click below
click below
Normal Size Small Size show me how
Economic Chapter 1
Economic words
Term | Definition |
---|---|
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 |