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Into to Economics
introduction to economics
| Term | Definition |
|---|---|
| Social science | A science that studies human relationships and behavior |
| Economics | A social science which studies the allocation of scarce resources which have alternative uses. |
| Deductive method of research | 1.start with statements we believe are true 2.apply this statement to a situation 3.arrive at a conclusion.this will be accurate assuming the original statement is correct |
| inductive method of research | 1.collect research 2.look for pattern 3.arrive at a conclusion this becomes economic law |
| Factors of production | Land , labour , capital , enterprise |
| Factor of production-Land | anything provided by nature that helps in the production of wealth EG, fields |
| Factor of production-Labour | the human effort involved in creating wealth EG. teacher |
| Factor of production-Capital | Anything man-made that assists in the production of wealth EG. computers |
| Factor of production-Enterprise | The factor of production which takes the initiate and bears the risk involved in setting up a business to produce goods |
| Markets | Where buyers and sellers meet. |
| Factor market | markets where factors of production are bought and sold |
| Intermediate market | markets where partly finished goods are bought or sold to make |
| Final market | |
| Need | |
| Want | |
| Opportunity cost | |
| Free enterprise economy | |
| Centrally planned economy | |
| Mixed economy |
Created by:
brianmanesis
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