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economics Chapter 1

econ words

Economics the study of how society chooses to use scarca resources to satisfy its unlimited wants & needs
Economist somoeone who studies economic theory and applies it to the real world
Microeconomics the study of a single factor of economy such as individuals, households, business, and industy
Macroeconmics the study of an entire economy or one of its pronciple sctors
Consumers one who buys goods
Producers a person, group or business that makes goods
Goods an object or material that can be purchase
Services any action or activity that is performed for a feed
Factors or Production
National Resources
Human Resources
Capital Resources
Capital goods
Consumer Goods
Created by: Robert415