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Stack #4724050
| Question | Answer |
|---|---|
| economics | the study of choices that people make to satisfy their own needs |
| economist | a person who studies these economic choices |
| microeconomics | the study of choices made by economic actors such as households, companies, and individual markets |
| macroeconomics | examines the behavior of entire economics |
| consumers | the people who decide to buy things |
| producers | the people who make things that satisfy consumers needs and wants |
| goods | physical objects that can be purchased |
| services | actions or activities that are performed for a fee |
| resources | anything that people use to make or obtain what they need or want |
| factors of production | resources that can be used to produce goods and services |
| natural resources | items provided by nature that can be used to produce goods and to provide services |
| human resources | any human effort exterted during production |
| capital resources | the manufactured materials used to create products |
| capital goods | the buildings, structures, machinery, and tools used in the production process |
| consumer goods | the goods and services that people buy |
| technology | the use of technical knowledge and methods to create new products or make existing products more efficently |
| entreprenurship | the combination or orginizational abilities and taking involved in starting a new business or introducing a new product |
| entrepreneur | a person who attempts to start a new business or introduce a new product risking economic failure in return for the possibility of financial gain |
Created by:
user-1979145