Economics the study of the choices people make to satisfy their unlimited needs and wants by using limited resources Economist a person who studies the choices made withun an economic system. Microeconomics is the study of indiividual economic actors.

Capital Resource

is any finised product which has value but is used to produced a diffrent item

Human Resource

is any physical or mental action which is performed in the production of a good

Resource

is anything a person or enity uses to produce a good.

Microeconomics

is the study of indiividual economic actors. example, it may be the study of your household budget

Macroeconomics

is the study of multiple economic actors.

Economics

the study of the choices people make to satisfy their unlimited needs and wants by using limited resources

effciency

the use of the smallest amount of resources to gain the greatest amount of output

trade offs

things given up to obtain something else

Natural Resource

unaltered gift from nature

Producer

any person or thing that makes a product to be consumed

Technology

any skill or innovation thta creates someyhing neww or old modifies existing items

Good

a good must to be a tangible item. finished product

Economist

a person who studies the choices made withun an economic system.

Service

action that is done for you

Production Possibilities Curve

all the possible combonations that a producer may produce of two distinct product

Consumer

are the people businesses, and house holds thta use products.

model

simplified version of reality

Scarcity

the availbility of a need or wnat determines is scaisky . when s resoiurce or product.

opportunity cost

the loss of the next best alternative when resources have been used up

4 factors of production

the physical items and human efforts required to make a product

Entreprenuership

the process of creating a new business