Economics
Terms
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- Natural Resources
- Those that are found in nature
- Nonrenewable Resource
- Cannot be replaced
- Capital Resource
- Goods made by people that are used to create other goods and services
- Production
- The sum total of all the methods that a company uses to create goods and services
- Alternative cost
- Every trade-off has this cost
- Wants
- The things that people desire, but do not need
- Needs
- The things that people cannot do without
- Economics
- The study of how people choose to use their limited resources to produce goods and services
- Trade-off
- Is what happens when one choice is exchanged for another
- Scarcity
- Occurs when people want more goods and services than they can have
- Macroeconomics
- The study of the economy as a whole
- Renewable Resource
- Is one that can be replaced
- Productive Resources
- Also called factors of production are the resources that people use to create goods and services
- Labor
- Refers to the workers who work for a business
- Goods
- products that people use
- Entrepreneurs
- People who start companies
- Services
- The activities that people do for other people
- Microeconomics
- The study of economic decision making by individuals and businesses
- Cost
- What you give up, or sacrifice, when you makean economic choice