Econ study guide
Entrepreneurship
refers to the skills of people who are willing to invest their time and money to run a business
Microeconomics
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Production possibilities curve
a graph that shows alternative ways to use an economy's productive resources
Trade-off
exchanging one thing for another
Economy
All the activity in the nation that together affects the production and distribution and use of good and services
Macroeconomic
Deals with the economy as a whole and decisions making by large units such as gov
Capital
An economic system based on private ownership of capital
Hypothesis
An educated guess or prediction
Opportunity cost
Cost involved in time spent studying the book
Scarcity
Means people do not and cannot have enough income and time to satisfy their every want.
Land
Natural resources such as water fish trees
Labor
Often called "human resource", works to produce goods and services
factors of production
Resources needed to produce goods and services
Economics
The study of how people seek to satisfy their needs and wants by making choices