Intro to Economics

This is the wealth and resources of a country or region especially in terms of the production of goods and services.

• Goods

• Services

• Economy

• Resources

All things used in producing goods and services.

• Economy

• Services

• Resources

• Scarcity

These are materials that satisfy human wants and and provide utility.

• Services

• Resources

• Goods

• Scarcity

This is a transaction in which no physical goods are transferred from the seller to the buyer.

• Services

• Resources

• Goods

• Scarcity

This is all things used in producing goods and services.

• Services

• Resources

• Goods

• Scarcity

Resources are categorized into these.

• Services

• Factors of Production

• Goods

• Scarcity

This is everything the Earth has to offer in its natural state.

• Land

• Labor

• Captial

• Entrepreneurship

All the people who work in an economy.

• Land

• Labor

• Captial

• Entrepreneurship

The money needed to produce goods and services. Includes the goods used in the production process, office, spaces and equipment.

• Land

• Labor

• Captial

• Entrepreneurship

The willingness of individuals in the economy to organize production and create goods and services.

• Land

• Labor

• Captial

• Entrepreneurship