Economics The study of the choices people make to satisfy their unlimited needs andwants by using limited resources Economist A person who studies the choices made within an economic system Microeconomics The study of individual economic actors. Example
Human Resource
is any physical or mental action which is performed in the production of a good or service. Examples: pounding nails, paintingi a wall speaking to students, washing a car.
Good
A good must be a tangible item. A finished product that is purchased or shared for consumption
Economist
A person who studies the choices made within an economic system
Model
A simplified version of a reality based on assumptions relating to a current condition
Technology
Any new skill or innovation that creates something new or modifies an exsisting product to make it easier
Producer
Any person or thing that makes a product to be consumed.
Consumer
Are the people, businesses, and households that use ( to get utility from) products. Examples: A consumer may eat a hamburger, but a consumer may also war a pair of jeans.
Service
IS an action which is done for you. And example may be a hair styllist, cutting your hair, it may be a doctor repairing your broken arm.
Natural Resource
Is an unaltered gift from nature, Examples: trees, dirt, water, oil, sunlight
Capital Resource
Is any finished product which has a value( a truck or computer), but is used to prodice a different item.
Resource
Is anything a person or entity uses to produce a good or service
Macroeconomics
Is the study of multiple economic actors, Examples could be the study of unemployment or studying a nations economy.
Scarcity
The availablilty of a need or want determines its scarcity. when a resource or product is scarce, it becomes more valuable. Example: is the cost of a diamond compared to the cost of a bucket of water
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. An entrepreneur takes risk. The risk involved is that you may fail and go bankrupt. However if you suceed you may become wealthy quickly.
Microeconomics
The study of individual economic actors. Example, it may be the study of your household budget or may be the study of something as large as Nike corporation, both are only one actor of study.
Economics
The study of the choices people make to satisfy their unlimited needs andwants by using limited resources
Efficiency
The use of the smallest amount of resources to gain the greatest amount of output
Trade-offs
Things given up to obtain something else
Allocate
To decide how to use one's resources
Production Possibilities Curve
all the possible combinations that a producer may produce of thwo distinct products