Economics chapter 1

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Anonymous
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230248
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Economics chapter 1
Updated:
2013-08-17 11:27:45
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Economics chapter
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Econ
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  1. What is Economics ?
    The study of how individuals , families, business, societies, and government use limited 'resources' to meet their unlimited wants .
  2. What is a resource ?
    Something that has value
  3. 3 branches of Economics
    Microeconomics, Macroeconomics, and scarcity
  4. Functions of individuals and business
    Microeconomics
  5. Function of government and world
    Macroeconomics
  6. People will never have enough time , money, or other resources to satisfy their every want (limited resources with unlimited wants)
    Scarcity
  7. The 5 factors of production
    Land, Labor, Capital,Entrepreneurship, and Technology
  8. Natural resources available to use (oil,timber,coal)
    Land
  9. The work that people do in providing good and services
    Labor
  10. What is the most expensive part of the business ?
    Labor
  11. Manufactured goods made to produce other goods and services (hammer,telephone,pencil,welder)
    Capital goods
  12. quality of work force based on age, experience, skill set,and education (
    Human capital

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