the study of how society chooses to use scarce resources to fulfill its limitless wants and needs.

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economista human being who studies the financial theory and applies it to the actual world.
microeconomicsthe study of a single factor the an economy such as individuals, households, businesses, and also industries fairly than an economic climate as a whole.
macroeconomicsthe study of whole economy or among its principle sectors.
consumersone that buys items or services for an individual use rather than for resale or usage in manufacturing or manufacturing.
producersa person, group, or company that makes items or provides services to accomplish consumers’ needs and also wants.
goodsany thing or product that deserve to be to buy to satisfy human wants or needs.
servicesany action or task that is performed because that a fee.
resourceanything provided to produce goods or services.
factor that productiona source used to develop goods and also services
natural resourcein economics, any material detailed by nature that have the right to be supplied to create goods or provide services.
human resourceany human task mental or physical offered in the production process.
capital resourceany item the is used in the production of other goods and also services.
capital goodsthe buildings, structures, machinery, or tool that is provided to create goods or services.
consumer goodsa perfect product the is consumed by one individual.
technologyscientific and also technical methods used to produce existing products more efficiently or of greater quality.
entrepreneurshipthe organizational abilities and risk taking affiliated in beginning a brand-new business or intro a new product to producers.
entrepreneura human who attempts to begin a new business or intro a brand-new product.
scarcitythe fundamental condition of economics that results from the combination of restricted resources and unlimited wants.
allocatedistribute scarce sources such together money, land, equipments, or labor in order to meet the greatest number of needs and wants.
productivitythe level of calculation that outcomes from a given level that input.
efficiencythe production of goods and also services making use of the the smallest amount of sources for the greatest usual outpost.
division that laborthe division of a complicated procedure into tiny tasks, allowing workers to increase output with specialization.
specializationthe focus of employees on only one or a few aspects of manufacturing in bespeak to boost efficiency.
trade-offsacrifice the one an excellent in bespeak to purchase or produce another.
opportunity costthe value lost by rejecting one use of resources in favor of another. In other words, an action’s opportunity expense is the value of the next finest alternative action that is no taken.
production possibilities curvea graph mirroring all combinations of two products or solutions that have the right to be developed given two important assumptions. First, the quantity of sources and technology will no change. Second, all of the natural, human, and capital resources are being supplied efficiently.
exchangethe process by i m sorry producers and also consumers agree to administer one form of items in return for another.
barterthe direct trade exchange the goods and services without the use of money.
moneyany item that is embraced in exchange because that goods, services, or the stable of debts.
credita kind of exchange that enables consumers to usage items with a promise that repayment over a specified time.
valuethe precious of a good or service for the purchase of exchange, AKA the lot of money the a customer is willing to pay for a an excellent or service.
self-sufficiencythe capability to fulfill all of one’s requirements without assistance.
utilitythe usefulness that a great or company that contributes come its value.

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interdependencethe relationship of common reliance and also influence among people, businesses, industries, regions, and nations.