CH. 1 ECONOMICS
Terms
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- scarcity
- the condition facing all societies becsu there are not enough productive resources to satisfy people's wants
- productive resources
- the impts used to produce goods and services that people want
- economics
- how people use their resources to satisfy their wants
- human resources
- resources where human effort is required
- entrepreneur
- trys to earn profit by innovation
- natural resources
- "gifts of god" found in nature
- renewable resource v. exhaustible
- endless v. run out
- good v. service
- tangible v. intangible
- economic theory
- a simplification of economic reality used to make a prediction
- marginal
- incremental, extra, more
- positive ecomomic statement
- true now statement
- normitive statement
- speculative statement
- microeconomic
- individual economics
- macroeconomics
- national economics
- opportunity costs
- the value of the best alternative you can pass up
- sunk cost
- the cost you recieve regardless of what you do