Economics
Terms
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- want
- something you would like to have but dont have to have to survive
- goods
- physical products that businesses produce.
- Scarcity
- the inability to satisfy all of everyone's wants.
- Econimics(2nd meaning)
- the study of people producing and exchanging to get the goods and services they want.
- Whats the heart of any discussion about economics.
- scarcity and decision making
- Economics
- the study of man's effort to satisfy unlimited wants through the use of limited scace resources of nature.
- 3 reasons income is scarce
- 1)limit by talent and ability 2)time 3)some people r willing to make sacrifices in income for personal reasons.
- 4 factors of production
- natural resources, human resources, capital resources, and entrepreneurship
- consumer
- people who use goods and services to satisphy their needs and wants.
- market
- whenever and where ever people voluntarily make exchanges with one another.
- voluntary exchange
- the process of trading that occurs in markets.
- services
- products you can't touch (intangible)
- the scope of economics is limited to 3 things
- description, analysis, n explanation of economic activity
- What are the 3 basic questions?
- What is to be produced, how is it to be produced, for whom is it to be produced.
- resources
- basic elements used to make goods and services
- 3 things that effect productivity
- 1)skill of labor force 2)quanity and quality 3)technology