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chapter 1

economics the social science that seeks to understand the choices people make it using scarce resources to meet their wants
Microeconomics individual units including household, business firm, and government agencies.
Macroeconomics large-scale economic phenomena particular inflation, unemployment, and economic growth
factor of production basic input of labor, capital, and natural resources used in producing all goods and services
labor production made by people working with their minds and muscles
capitals production that are created by people including tool, industrial equipment and, structures
natural resources anything that can be used as a productive in its natural state, such as farmland, building sites, forest, and mineral deposits
opportunity cost best possible alternative activity with the same time or resources
Eco-efficiency win-win situation. two people are both fully satisfied
Eco-production lose-win situation
investment in capital of economy stock production made by people
Entrepreneurship new opportunist and overcoming old limits
comparative adv greater strength in area
Efficiency in distribution people trading other product.
positive economics fact and the relationship among them.
Normative economics policies or conditions are good or bad
four factor production labor, natural resource, entrepreneurship and capital
the economic thinking is what ,who , how ,whom
scarcity means any situation in which there is not enough to fill everyone’s needs.
The Economic Way of Thinking -Scarcity and choice -Purposeful behavior -Marginal analysis
Four Fundamental Economic Choices -What will an economy produce? -How will goods and services be produced? -Who will produce those goods and services -For whom will goods be produced
Monetary policies policies on the supply of money and how it is controlled in order to control pricing.
Fiscal policies Policies on tax brackets and how to tax different people.
Created by: stcalhoun2163