economics test

economics
the study of how society chooses to use scarce resources to satisfy its unlimited wants and needs

microeconomics
the study of a single factor of an economy such as as individuals household, businesses, and industries rather than an economy as a whole

macroeconomics
the study of an entire economy or one of its principal sectors

consumer
one who buys goods or services for personal use rather then for resale or use in production or manufacturing

producer
a person, group, or business that makes goods or provides services to satisfy the consumers needs and wants

goods
an object or material that can be purchased to satisfy human wants and needs

service
any action or activity that is performed for a fee

resource
anything used to produce goods or service

allocate
to distribute scarce resources such as money, land, equitmant, or labor in order to satisfy the greatest number of needs and wants

division of labor
the division of a complex procedure into small task, enabling working to increase output through specialization

opportunity
the value lost by rejecting one use of resources in favor of another

factor of production
a resource used to produce goods and services

natural resource
in economics any material provided by the nature that can be used to produce goods or provide services

human resource
any human activity mental or physical used in the production process

capital good
a building, structure machines, or tool that is used to produce goods or services

entrepreneurship
the organizational abilities and risk taking involved in starting a new business or introducing a new product to consumers

entrepreneur
someone who undertakes and develops a new business enter price or develops a new product risking failure or loss for the possibility of financial gain

scarcity
the fundamental condition of economics that results from the combination of limited resources and unlimited wants