Economics Concepts

Front

The study of how individuals, businesses, and governments make choices about allocating limited resources to satisfy unlimited wants.

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Economics

Front

The resources used to produce goods and services: land, labor, capital, and entrepreneurship.

Back

Factors of Production

Front

Man-made resources like tools, machinery, and buildings used in production.

Back

Capital

Front

The study of individual economic units, like households, firms, and specific markets.

Back

Microeconomics

Front

The study of the economy as a whole, including inflation, unemployment, and economic growth.

Back

Macroeconomics

Front

The resources (raw materials, labor, etc.) used in the production of goods and services.

Back

Inputs

Front

Subjective analysis based on opinions or values—what ought to be.

Back

Normative Economics

Front

Latin for 'all other things being equal'; used to isolate the effect of one variable in economic models.

Back

Ceteris Paribus

Front

The fundamental economic problem of having limited resources to meet unlimited wants.

Back

Scarcity

Front

A simplified representation of reality used to explain and predict economic behavior.

Back

Model