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| 1 |
What is economics?
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Econnomics is the study of how people make choices from limkited resources (because of scarcity)...
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What is scarcity?
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Scarcity is the condition of not being able to have all the goods and services that we want.
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What is choice?
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Choice is what someone must make when faced with two or more alternitinves.
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What is need?
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Need is something we have to have in order to survive.
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What is want?
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Want is something we would like to have but is not necessary for survival.
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What is goods?
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goods are objetcs that can be held or touched that can satisfy peoples wants.
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What is Services?
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Services are activities that can satisfy people's wants (painting service, lawn mowing. etc.)
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What is opportunity cost?
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Opportunity cost is the next best alternitive that must be given up when a choice is made.
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What are factors of production?
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Factors of Production are resources used by bussiness to produce goods and services.
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What is natural resoures used for and what are they?
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They are used to produce goods and services. They are "gifts of nature"that are present...
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what are human resources and wat is the other word for them?
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human resources are the human effort directed toward producing goods and services for hwich...
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what is a capital resource?
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a capital resource is a good and and services made by people to produce other goods and and...
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what is a entrepreneur?
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a person/group who combines the factors of production to create new bussinesses to make goods...
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what are consumers?
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consumers are people whose needs and wants are satisfied by using goods and services.
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what is demand?
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demand is how much consumers(people) aew willing and able to buy at all possible prices.
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what is supply?
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supply is the number of goods and services available
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what is equlilbrum price?
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equlilbrum price is the price at which the quanity demanded equals the quanity supplied.
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what is shortage?
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shortage is when the quanity supplied is more then quanity supplied of a good or service.
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what are surpluses?
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surpluses are when the quanity supplied is more than the quantied demanded of a good and service.
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what is a barter?
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a barter is the direct trading of goods and services bewteen people without the use of money.
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what is money?
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money is a medium exchange, a good that can be used to buy other goods and services.
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