BASICMICRO_ESTIAY

Measured by quality and are expressed in word or diagrams

• Quantitative

• Qualitative

• Firms

• Household

Measured by figures or numbers and are expressed in mathematical or graphical formats

• Qualitative

• Quantitative

• Firms

• Household

Refers to the consumers

• Firms

• Household

• Consumers

• Products

Businesses that supply the goods and services

• Household

• Labor

• Firms

• Supplier

Framework that represents Simplified assumptions of economic, used in analyzing how the real world works based on assumed conditions

• Theoretical Framework

• Capital Framework

• Economic Model

• Economy

Person's skill to create goods, facilitate the innovation of services, puts together land, labor and capital to produce goods.

• Managing

• Capital

• Entrepreneurship

• Firms

Involves equipment tools, transportation, storage facilities and machinery that used in producing goods and services

• Tools

• Labor

• Investment

• Capital

Consist of mental and physical contributions from workers to produce goods

• Entrepreneur

• Marketing

• Labor

• Equipments

All that comes from it, water, mineral deposits, oil, coil forest, mountains. Refers to resources that can be renewable or non renewable

• Equipments

• Land

• Capital

• Firms

Factors people use to produce goods and services. Also called factors of production.

• Marketing

• Economic Resources

• Economic Capital

• Economic Marketing