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What is the difference between a need and a want? A need is required for survival and a want is a luxury.
What is economics? A social science that studies how people allocate their limited natural resources
What is the driving force of economics? To distribute limited resources to satisfy unlimited wants and needs
Why is Economics a social science? Because it looks at the behaviors of people
What are goods? Something that people want. Can be touched.
what are services? Work for another; helpful or professional activity.
What is microeconomics? The economy of the individual or firms
What is macroeconomics? The economy as a whole
What is scarcity? The reason for economics - resources are limited yet wants and needs are unlimited
What are the factors of production? Items used to produce goods and services, including land, labor, capital, entrepreneurship
Land? natural resources not created by effort of man, are fixed or limited in supply. Examples of land: water, sunlight, oil, whales
Incentive? A reason for doing something. A reward for making a choice or behaving a certain way.
Labor? Human resources, workers. Examples of labor: effort, ability, and skills of humans used in production
Marginal? Extra or additional
Capital? What is needed to made product. Examples of capital: Tools, equipment, and factories, money, training and education
Market? An arrangement that allows buyers and sellers to make exchanges.
Entrepreneurship? Brings together the factors of production, the risk taker in search for profit
What questions are answered by studying about Economics? What, How, For Whom?
What is opportunity cost? The cost of the next best alternative use of time, money, or resources
What is a trade-off? An alternative choice regarding income or time
Created by: brittany2215