Basic Concepts of Economics

Man – made resources, such as machines and factory buildings.

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Business know- how; the ability to make decisions and take risks in a business.

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Person who buys and uses goods and services to satisfy his or her wants.

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The benefit of the next best alternative foregone because of a particular choice.

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The central problem in Economics

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Human resources; another name for workers.

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Using up of goods and services to satisfy human wants.

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When statement is based on facts and events.

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The branch of Economics dealing with the functioning of individual industries/ individual economic decision - making units

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It is the study of how individuals and societies choose to allocate scarce resources among alternative uses in an attempt to satisfy their unlimited wants.

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