Midterm
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| Economics | The study of scarcity and choices
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| Scarcity | Scarcity of resources (factors of production)
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| Factors of Production | Land, Labor, Capital, Entrepreneurship
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| Land | Nature
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| Labor | Human labor
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| Capital | Tools, equipment
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| Entrepreneurship | Person with a good idea
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| Market Economy | individuals and firms allocate resources (Australia)
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| Centrally Planned Economy | Government decides allocation of resources (Cuba)
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| 3 main questions in Economy | What to produce? How to Produce? Who gets it?
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| 3 Principles of Economics | 1.) Society and individuals face trade-offs
2.) Opportunity costs - what you give up to get something (implicit and explicit)
3.) People respond to incentives
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| Positive Statement | Can be rejected or accepted with data - how the world is (example "unemployment is 8%")
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| Normative Statement | Cant be rejected or accepted with the data. It depends on values and judgement- how the world should be. (Example "unemployment is low"
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