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economics study of the choices that people make to satisfy their needs and wants
economist a person who studies economic choices
microeconomics study of the choices made by economic actors such as households, companies, and individual markets.
macroeconomics examines the bahavior of entire econimies
consumers people who decide to buy things
producers peopl who make the things that satisfy consumers needs and wants.
goods physical objects that can be purchased
Resource Anything that people used to make or obtain what they need or want
Factors of production resources that can be used to produce goods and services
natural resources items provied by nature to produce goods and provide services
human resource any human effort exerted during production
capital resourse buildings, structures, machinery, and tools used during production process
consumer goods finished products that people buy
technology the use of technical knowledge and methods to create new products more efficiently
entrepreneurship organized and risk taken abilities in starting a new bussiness
entreprenuer a person who attempts to start a new bussiness or introduce a new product; risking financial failure for possible financial gain
allocate to distribute, resource in order to satisfy the greatest number of needs and wants.
scarcity combination of limited economic resources and unlimited wants
productivity level of output that results from a given level of input
efficiency use of the smallest amount of resourse to produce the greatest amount of output
division of labor assigning a small number of task for each worker
speacialization workers gaining expertise in their assigned tasks
trade-off one good sacrificed for another
opportunity cost value lost by rejecting one use of resource in favor of another
production possibilities curve shows all the possible combinations of two goods or services thatcan be produced within a stated time period, given two important assumptions
exchange producers and consumers agree to provide one type of item in return for another
money item readily accepted by people in return for goods and services
credit allows consumers to use items with the promise of repayment overtime
value an amount of money or price
utility a products usefulness for a person
self-sufficiency when people fulfill all their needs without outside assistance
interdependence events or developments in one region of the world or sector of the economy influence sectors
Created by: bigg daddy



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