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Chapter 1 part one

What is Economics?

What is the study of economics? Economics is a social science concerned with how limited resources are used to satisfy peoples' unlimited wants.
What is an example of economics? The additional workers (resources) available when the population grows will increase economic output.
What is scarcity? the limited resources for production relative to the demand for goods and services
Another name for the Productive Resources of land, labor, and capital. factors of production
What is land? all natural resources, fields, forest, mineral deposits, sea, or nature related/made products
What is labor? all human resources, manual, clerical, technical, professional, and managerial labor
What is capital? production or man made products, also financial capital or money to acquire factors of production
An entraperneurs are__________. individuals who see the possibility for profitable production and organize the resourses to produce a good or service
What is the body of skills and knowledge that comprises the processes of production? technology
What is the money to acquire the factors of production called? financial capital
What is the scientific method? a procedure used by scientists to develop explanations for events and test the validity of those explanations
The first step of the scientific method is_______. to observe an event under certain conditions
The second step of the scientific method is_______. to devise a hypothesis(explanation) that accounts for an event.
What is a hypothesis? a tentative explanation of an event; used as a basis for further research.
What is the third step of the scientific method? testing the hypothesis by gathering additional information and observing whether a repeat of the condition assumed by the hypothesis leads to the same result
What is the fourth step of the scientific method? tentatively accepting, revising, or rejecting the hypothesis, depending on whether it correctly predicts a repetition of the event under those conditions
What is economic reasoning? the application of theoretical and factual tools of economics analysis to explaining economic developments or solving economic problems
What is a production or consumption good that does not have direct cost? Free good
What is any good or service that sells for a price; that is, a good that is not free? Economic good
Created by: Selynra