Macroeconomics chapter 1

the sum of total of all the economic activity within a given region 

• Economy

• Economics

• Macroeconomics

• Factors of production 

-the study of how a society uses its scarce resources to produce and distribute goods and services 

• Capital

• Microeconomics

• Entrepreneurship

• Economics

-the study of the big picture issues in an economy including competitive behavior among firms,the effect of government policies,and overall resource allocation issues. 

• Eminent domain

• Macroeconomics

• Collateral

• Economic activity

Factors of production 

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OFF

-the funds that finance the operations of a business as well as the physical,human-made elements used to produce goods and services,such as factories and computers

• Economic Freedom

• Scarcity

• GDP per capita

• Capital

-the combination of innovation,initiative,and willingness to take the risks required to rate and perate new busses

• Capital

• Economic activity

• Entrepreneurship

• Private property 

-the policies that define a society's particular economic structure,the rules by which a society allocates economic resources

• Factors of production 

• Economic systems 

• Economics

• Eminent domain

GPD

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OFF

GDP per capita

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OFF

-allows trade to take place and created an incentive to take care of and creates  an incentive to take care of what is wonder 

• Economic Freedom

• Private property 

• Secured property rights 

• Ownership