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Term | Definition |
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Economics | The study of the choices that people make to satisfy their needs and wants. |
Economist | A person who studies these economic choices |
Microeconomics | The study of the choices made by economic actors such as households, companies, and individual markets. |
Macroeconomics | Examines the behavior of entire economies for example unemmployment. |
Consumers | The people who decide to buy things |
Producers | The people who make the things that satisfy consumers needs and wants. |
Goods | Are physical objects that can be purchased. |
Services | Are actions or activities that are performed for a fee. |
Resources | Is anything that people use 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 provided by nature that can be used to produce goods and to provide services. |
Human Resource | Any human effort exerted during production whether its physical or intellectual. |
Capital Resources | The manufactures materials used to create products. |
Capital Goods | Are buildings, structures, machinery, and tools used in the production process. |
Consumer Goods | The finished products-the goods and services that people buy. |
Technology | Is the use of technical knowledge and methods to create new products or make existing products more efficiently. |
Entrepreneurship | The combination of organizational abilities and risk taking involved a new product. |
Entrepreneur | Is a person who attempts to start a new business or intoduce a new product risking economic failure in return for the possibility of financial gain. |
Scarcity | This combination of limited economic resources and unlimited wasnts. |
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