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Intro To Economics

QuestionAnswer
Economics Study of choices
Scarcity Unlimited wants but limited resources
Micro economics Study of economics on a small scale
Macro economics Study of economics on a large scale
Price Amount consumer pays
Cost Amount seller pays to produce good
Investment The money spent by buisness to improve their production
Land Natural resources Ex: Gold, water
Labor Effort a person devotes to a task and skill Ex: construction worker, teachers
Capital Human made resource used to make other goods Ex: Machinery, buildings and tools.
Entrepreneurship Leaders that combine factors of production to create goods and service. Ex: elon musk
Surplus Excess of resource
Trade off The things you give up
Opprotunity cost The value of what you gave up
PPC Production possiblities curve model that shows alternate ways an economy can use its resources
Created by: JellyfishGriddy
 

 



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