MICROECONOMICS

The total satisfaction received from consuming a good or services.

The study of how society uses its scarce resources to satisfy unlimited wants and needs.

The creation or addition of utility total satisfaction received from consuming a good or service.

The effort to organize the production process.

Natural resources such as minerals, oil, coal, soil, water and the ground in which these resources are found.

In layman's term, is the money used by entrepreneurs to run their business. However, in economics, it is defined as human made goods used to produce other goods and services

The imbalance between human needs and wants and the means of satisfying them.

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Is a compensation based on the number of hours worked multiplied by an hourly rate of pay.

Human effort included in Production.