Intro to economics

Intro to economics

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The study of how people choose to use their limited resources to satisfy their unlimited wants Economics
What is a want Desires that people have that can be a device or product
What is a need Something you need in order to survive
Whenever you dona??t have enough resources to produce all of the resources it needs or would like Scarcity
What are the three basic economic questions What:How: Will be produced Who:
Way of producing the things people need and want Economic system
Individuals and businesses on the resources used to produce goods and services Market
Economic decisions are made by business government and tradition Mixed market
Decisions on what and how to produce based on custom or habit of a culture Traditional
Government makes the major economic decisions no government involved Command
An example of Traditional economy Coffee Farmers
Why does it to market economy not really exist anywhere in the world? Because bosses have to pay the work with at least minimum wage and market is basically giving them nothing
What is the economic system of the US Mixed market economy
Giving up one alternative good or service for another Trade-off
The cost of the next best use of your money or time Economic opportunity cost
Four factor of production CapitolLaborLand Entrepreneur
Two with machines factories investment money Capital
Are human workers involved Labor
All natural resources used for a product (anything naturally done) Land
Risk taker that starts the business Entrepreneur

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