applied economics

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4 types of economic resources

land labor capital entrepreneur

durable goods are

machineries, equipments

2 types of economics

macro economics micro economics

a division that is conerned with the overall performance of the entire economy

macroeconomics

the innovators

entrepreneur

also known as facts of production

economic resources

are the resources used to produce goods and services

economic resources

soil and natural resources that are found in nature and are not man-made

land

the social science that involves the use of scarce resources to satisfy unlimited wants

economics

the supply is limited

absolute scarcity

man-made resources used in the production of goods and services, which include machineries and equipment

capital

this economy holds true in dictatorial, socialist, and communist nations

comman economy

decisions are imposed on the people who do not have a say in what goods are to be produced

command economy

this is the authoritative system wherein decision-making is centralized in the government or a planning committee.

command economy

2 types of capital

durable goods financial capital

it is about the market for the goods

for whom to produce

is a question on the production method that will be used to produce the goods and services. these refers to the resource mix and technology that will be applied in production

how to produce

the income that the owners of the capital earns

interest

physical and human effort extended in production

labor

decisions are made on what goods and services to produce based on the workings of demand and supply

market economy

people's preferences are reflected in the prices they are willing to pay in the market and are therefore the basis of the producers' decisions on what goods to produce

market economy

this is the most democratic form of economic system

market economy

concerned with the behavior of individual entities such as consumer, the producer, and the resource owner

microeconomics

refers to the value of the best foregone alternative

opportunity cost

when a good is scarce compared to its demand

relative scarcity

payments that owners of the land receive

rent

the reason why people have to practice economics

scarcity

the study of society and how people behave and influence the world around them

social science

economic system that uses methods that are stagnant and therefore not progressive

traditional economy

the decisions are based on traditions and practices upheld over the years and passed on from generation to generation.

traditional economy

the 3 ecoomic systems

traditional economy command economy market economy

they exist in primitive and backward civilizations

traditional societies

refers to the income received by labors

wage

this problem, society must decide what goods and services should be produced in the economy. having decided on the nature of goods that will be produced, the quantity of these goods should also be decided on

what to produce

basic economic problems of society

what to produce and how much how to produce for whom to produce

is economics a social science

yes, because it also studies human behavior


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