Chapters 1 & 2
* Economics-the study of how individuals and nations give away choices about how to use scarce resources to fulfill their wants and needs.
* Needs- basic things necessitate to survive (ex: air, water, food, clothing, shelter)
* Wants- everything separate than these basic needs (desires, something unlimited)
* Scarcity-the basic economical problem. People do not and cannot have copious income, time, or other resources to satisfy their every desire.
* Services- acquitions or activities that one mortal preforms for another. (ex: haircuts, doctors, tutoring, etc.)
* Capital-any human make resource that is utilise to produce other goods and services.
* Physical capital/capital goods-tools, buildings, tractors. Payment factor = interest.
* Entrepreneur-risk takers. manque leaders who combine land, labor, and capitol to create and market new goods and services. (ex: atomic number 1 Ford, Bill Gates, Sam Walton, Ray Kroc, Mary Kay)
* Land-all natural resources used to produce goods and services. Materials that are found in nature.
* Labor-the effort a person devotes to a task for which they are paid. (ex: medical aid, speed services)
* Trade off-exchanging one thing for another. An election that we sacrifice when we made a decision.
* Opportunity costs-the value of the next best alternative that had to be addicted up for the alternative that was chosen.
* Guns vs. Butter-trade-off between armament defense and civilian goods.
* Production possibilities curve-all the combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
* Underutilization-the state of not being used enough or not used to full potential.
* Factor market- A marketplace where factors of production such as labor, capital, and resources are purchased and sold.
* Competition-The act of competing, as for profit or a prize; rivalry.
* innocent enterprise-The freedom of...If you want to get a full essay, station it on our website: Orderessay
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