Introduction to Economics

Front

It is a social science that examines how people choose among the alternatives available to them.

Back

Economics

Front

Branch of economics focusing on choices made by individual decision-making units and their impacts on individual markets.

Back

Microeconomics

Front

Branch of economics focusing on the impact of choices on the total, or aggregate, level of economic activity. Analyzes broad aspects of a country’s economy.

Back

Macroeconomics

Front

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

Back

Scarcity

Front

What is your second choice-what you give up when you make a decision?

Back

Opportunity Cost

Front

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

Back

Choices

Front

The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.

Back

Land

Front

Goods made by people to be used specifically to produce goods and services: Tools, office equipment, roads, factories, etc.

Back

Capital

Front

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

Back

Human resources or Labor

Front

What is the term for the ideas that go into the process of creating a good or providing a service?

Back

Entrepreneurship