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Economics I

The 7 Principles of Economics

TermDefinition
Scarcity the condition that results from society not having enough resources to produce all the things people would like to have
Economics is the study of how people try to satisfy seemingly unlimited and competing wants through the careful use of relatively scarce resources.
need is simply something we would like to have but is not necessary for survival.
want is simply somethng we would liek to have but is not necessary for survival.
factors of production or resources required to produce the things we would like to have, are land, capital, labor, and entrepreneurs. All four are required to produce goods and services.
Land refers to the "gifts of nature", or natural resources not created by people. "Land" includes desserts, fertile fields, forests, mineral deposits, livestock, sunshine, and the climate necessary to grow crops.
Capital Another factor of production. It is sometimes called capital goods - the tools, equipment, machinery, and factories used in teh rpoduction of goods and services. It is unique because it is the result of production.
Labor A third factor of production - people with all their efforts, abilities, and skills. This category includes all people except a unique group of individuals called entreprenrs. whom we single out because of their special role in the economy.
Entrepreneurs are individuals who are risk takers who start a new business or bring a product to market
gross domestic product the dollar value of all final goods, services, and structures produced within a country's borders in a 12 month period. GDP is the most comprehensive measure of a country's total output and a key measure of a nation's econoic health.
Created by: user-1488011
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