economics

the nature of economics

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  • Created by: ifrah
  • Created on: 20-01-11 20:54

Scarcity

A condition facing all the societies because there are not enough productive resources to satisfy people's unlimited wants.

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Economics

The study of how people use their scarce resources to satisfy their unlimited wants

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Labour

The physical and mental effort used to produce goods and services

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Productive Resources

(factors of production) The inputs used to produce the goods and services that people want

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Capital Good

All human creations used to produce goods and services; for example, factories, trucks, and machines

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Service

Something not physical that requires scarce resources to produce and satisfies human wants - intangible

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Good

An item you can see, feel, and touch; requires scarce resources to produce; and satisfies human wants

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Human Resources

The broad category of human efforts, both physical and mental, used to produce goods and services.

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Opporunity cost

The value of any alternative that you much give up when you make an economic choice.

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Production possibility Frontier

All possible combinations of two goods that can produce in a certain period of time, under the condition of present techonlogy. No umemployed resources and efficient production.

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