Introduction to Economics

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

• Entrepreneurship

• Economics

• Scarcity

• Shortage

It is the branch of economics that focuses on the choices made by individual decision-making units in the economy typically consumers and firms and the impacts those choices have on individual markets.

• Macroeconomics

• Scarcity

• Shortage

• Microeconomics

It is the branch of economics that focuses on the impact of choices on the total, or aggregate, level of economic activity. It analyzes the broad aspects of a country’s economy.

• Microeconomics

• Scarcity

• Oikonomia

• Macroeconomics

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

• Shortage

• Opportunity Cost

• Scarcity

• Choice

It is your second choice-what you give up when you make a decision.

• Choice

• Opportunity Cost

• Scarcity

• Shortage

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.

• Choices

• Opportunity Cost

• Scarcity

• Shortage

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.

• Labor

• Land

• Capital

• Entrepreneurship

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

• Labor

• Land

• Entrepreneurship

• Capital

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.

• Human resources or Labor

• Land

• Capital

• Entrepreneurship

This is basically the ideas that go into the process of creating a good or providing a service.

• Capital

• Entrepreneurship

• Land

• Labor