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Economics 01

Economics lesson 1 to 2

economics the study of how individuals and societies make decisions about ways to use scarce resources to fulfill wants and needs
macroeconomics -the big picuture: growth, employment, etc. -choices made by large groups (like countries)
microeconomics -how do individuals make economic decisions
the five economic questions society (we) must figure out -WHAT to produce (make) -HOW MUCH to produce (quantity) -HOW to produce it (manufacture) -FOR WHOM to produce (who gets what) -WHO gets to make these decisions
resources the things used to make other goods
scarcity unlimited wants and needs but limited resources
why choices we make choices about how we spend our money, time, and energy so we can fulfill our needs and wants.
needs "stuff" we must have to survive, generally: food, shelter, clothing
wants "stuff" we would really like to have (fancy food, shelter, clothing, big screen TVs, jewelry, conveniences... also known as luxuries...
trade-offs you can't have it all (scarcity-remember?) so you have to choose how to spend your money, time, and energy. these decisions involve picking one thing over all the other possibilities-a trade-off!
opportunity cost -the valueof the next best choice (ex: sleeping is the opportunity cost of studying for a test) -this is really important , when you choose to do one thing, its value (how much is it worth) is measured by the value of the next best choice.
production production is how much stuff an individual, business, country, even the world makes
stuff goods and services
goods tangible (you can touch it) products we can buy
services work that is performed for others
4 factors of production land, labor, capital, entrepreneurship
land natural resources-water, natural gas, oil, trees (all the stuff we find on, in and under the land)
labor physical and intellectual- labor is manpower
capital tools machinery, factories-the things we use to make things - human capital is brainpower, ideas, innovation
entrepreneurship investment- invest time, natural resources, labor and capital are all risks associated with production
3 parts to the production process factors of production, producer, consumer
factors of production what we need to make goods and services
producer company that makes goods and/or delivers services
consumer people who buy goods and services (formerly known as "stuff")
capital goods are used to make other goods
consumer goods final products that are purchased directly by the consumer
specialization dividing up production so that goods are produced efficiently
Popular Economics sets




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