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| Makes problems for the economy. It is the state where the amount o productive resources are not huge. Therefore, not meeting the demands of the people. For example, Susan has $800 to go shopping. She wants a new dress, which is $700, a new purse, and a new pair of shoes, both items are $100. Susan has to decide which two items she will get before she goes out to shop for her family gifts. Therefore, Susan picks the purse and shoes. |
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| In this capital, having the brains, skills, and experience in the working world will help you and are your tools in that type of capital. The more you have human capital, the more your finances and expenses will be higher and higher. For instance, a chef would make more than a man who sells hot dogs in a hot dog cart does because the chef has more skills and experience than the hot dog cart man does. |
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| Is the main topic of human efforts, physical and mental, used to make goods and services. The most valuable of the human resources is labor. An individual who is in the human resources area is a help for everyone that they work with. |
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| Also called factors of production, are the ideas use to make the goods and services that people want. Remember productive resources are able to be scarce, which means the goods and services are scarce, too. It is only scarce if not openly available. |
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| Is the most important of the human resources. It is the physical and mental attempt to use to make goods and services. Time, the fundamental human resource, is what labor comes from. Labor can be anything that involves energy and time, for instance : sleeping, eating, playing video games, watching Tv, etc... |
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| Is included with human resources. This person attempts to gain a profit by producing a new product or looking for a better way to create an existent one. They look to find profitable opportunities by buying resources and believing the risk of business success or failure. |
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| Also called "gifts of nature". Land, forests, minerals, oil reserves, bodies of water, and even animals. It can be separated into renewable resources and exhaustible resources. |
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| These goods involve all human creations used to create goods and services. They are made up of factories, tools, trucks, machines, computers, buildings, airports, highways, and other manufactured items assigned to make goods and services. Schools, tractors, medical tools, etc... are examples of capital goods. |
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| Is a product that you are able to see, feel, and touch that needs less resources to make and pleases human wants or needs. Corn is a good because you can see, feel, and touch it. The TV, the shoes, and the cars are also examples of goods. |
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| Unlike goods, service is something that is non-physical and it needs small resources to create and please human wants. Getting a haircut, WiFi, guitar lessons, etc... are examples of services. |
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| Buyers and sellers ship out exchange. Marketing is when buyers and sellers bring together two sides of trade, demand and supply, where markets figure out or decide on the price and quantity. Supermarkets, department stores, etc...are marketers. They also include other ways for buyers and sellers to talk, like the stock market, telephones, etc. |
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| Meaning incremental, additional, extra, or one more. It refers to a different position in a variable of economy, a difference in the status quo. Amazon.com is an example of marginal analysis. |
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| The study of economy's behavior in certain markets, such as the market for computers or for poorly work. It creates choices including what to purchase and to sell, how much to work, and how much to play, borrow, and save. It discusses how price and output are decided in one single market. |
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| It targets on the performance of the economy as a whole, involving the national economy. It fits all the pieces together to seek at the big picture |
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| The value of the best alternative passed up for he chosen item or activity. For instance, if I were to stay home and study for a test, an exam, or do a project, I have given up the opportunity to hang out with friends and go out. |
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| A cost you have already paid and cannot recover, regardless of what you do now. If I am waiting in a line that seems shorter but is moving slower than the long line, then what is represented here is a sunk cost. |
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| Describes the flow of resources, products, income, and revenue among economic decision makers. |
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| Fluctuations reflecting the rise and fall of economic activity relative to the long-term growth trend of the economy. |
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