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Stack #1460281

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.
Created by: aleelandero



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