Advance Microeconomics Flashcard Set

Front

The study of how people use their scarce resources to satisfy their unlimited wants.

Back

economics

Front

Inputs or factors of production used to produce the goods and services that people want, consisting of labor, capital, natural resources, and entrepreneurial ability.

Back

What are resources in economics?

Front

Physical and mental effort used to produce goods and services.

Back

Define labor in the context of economics.

Front

The study of the economic behavior in particular markets.

Back

What is microeconomics?

Front

The study of the economic behavior of entire economies.

Back

What is macroeconomics?

Front

The rise and fall of economic activity relative to the long-term growth trend of the economy, also called business cycles.

Back

What are economic fluctuations?

Front

Buildings, equipment, and human skills used to produce goods and services.

Back

What is capital in economics?

Front

Gifts of nature used to produce goods and services.

Back

Define natural resources.

Front

The skill needed to organize production and the willingness to take the risks of loss or profit.

Back

What is entrepreneurial ability?

Front

One who organizes an enterprise to bring an idea to life.

Back

Who is an entrepreneur?