Economics the study of the choices people make to satisfy their unlimited needs and wants by using limited resources Economist a person who studies the choices made withun an economic system. Microeconomics is the study of indiividual economic actors.

Economics
the study of the choices people make to satisfy their unlimited needs and wants by using limited resources
Economist
a person who studies the choices made withun an economic system.
Microeconomics
is the study of indiividual economic actors. example, it may be the study of your household budget
Macroeconomics
is the study of multiple economic actors.
Consumer
are the people businesses, and house holds thta use products.
Producer
any person or thing that makes a product to be consumed
Good
a good must to be a tangible item. finished product
Service
action that is done for you
Resource
is anything a person or enity uses to produce a good.
4 factors of production
the physical items and human efforts required to make a product
Natural Resource
unaltered gift from nature
Human Resource
is any physical or mental action which is performed in the production of a good
Capital Resource
is any finised product which has value but is used to produced a diffrent item
Entreprenuership
the process of creating a new business
Scarcity
the availbility of a need or wnat determines is scaisky . when s resoiurce or product.
Technology
any skill or innovation thta creates someyhing neww or old modifies existing items
Production Possibilities Curve
all the possible combonations that a producer may produce of two distinct product
model
simplified version of reality
effciency
the use of the smallest amount of resources to gain the greatest amount of output
trade offs
things given up to obtain something else
opportunity cost
the loss of the next best alternative when resources have been used up
allocate