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intro to economics

need necessary for survival
want unnecessary for survival
opportunity cost is the cost foregone of alternatives
economics is a social science which studies the allocation of scarce resources which have alternative uses
deductive method 1; hypotheses or statement. 2; apply to a situation. 3; arrive to a conclusion.
inductive method 1; researcher collects information. 2; researcher looks for pattern. 3; conclusion is draw and becomes an economic law.
economic law general statement assumed about consumers and human behavior
land anything provided by nature that helps in the production of wealth
labor the human effort involved in creating wealth
capital anything man-made that assists in the production of waelth
enterprise the factor of production which takes the initiative and bears the risk involved in setting up a business to produce goods
market where buyers and sellers meet
factor market where factors of production are bought and sold
intermediate markets where partly finished goods are bought or are processed again to make a smaller profit
final markets where final goods are bought and sold
free enterprise economy is private businesses make decisions on goods and services to be produced
centrally planned economy the government makes all decisions on goods and services to be produced
mixed economy the government and private businesses are involved with the production of goods and services
wealth total value of assets owned by a individual or group
microeconomics studies how an individual producer and a consumer make decisions and attempt to solve their economic proplems
macroeconomics deals with aggregates [totals] in an economy
Created by: hannah_creighton