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