Intro to Economics

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• Nothing is free 
• All things are free 

Study of how one uses resources.

• Economy
• Economics 
• Macroeconomics 
• Microeconomics 

How a society uses resources.

• Economics 
• Economy 
• Microeconomics 
• Macroeconomics 

The study of whole economies. 

• economics 
• economy 
• macroeconomics 
• microeconomics 

The study of small parts of the economy.   

• Economics 
• Economy 
• Microeconomics 
• Macroeconomics 

Resources 

• Factors of Productions
• Economics 
• Scarcity
• Consumer
  

Type of resources (Factor of Production) that is untouched by the hand of man.

• natural resources 
• human resources 
• capital resources 
• entrepreneurship

A factor of production that is created by man used to produce something. Example: Truck, or Tracker 

• natural resources 
• human resources 
• capital resources 
• entrepreneurship

Risk taking ability of a person to start a new business or create a new product. 

• natural resources 
• human resource
• capital resources 
• entrepreneurship

The fundamental problem of economics 

• natural resources 
• Scarcity
  
• People