Term
| Why did Economics come about? |
|
Definition
| Because we need to reconcile the disparity between our Unlimited Wants & Needs and our Limited Resources |
|
|
Term
| Why is Economics a Social Science? |
|
Definition
| Because it deals with individual interactions |
|
|
Term
| Economics is the study of... |
|
Definition
| ...the Allocation of scarce Resources in order to produce goods and services to satisfy the unlimited wants/needs of individuals....essentially the study of scarcity |
|
|
Term
|
Definition
| Markets...allow us to satiate the wants and needs of the individual |
|
|
Term
| Resources/Factors of Production and their definitions |
|
Definition
| Land, Natural Resources...Labor, # of workers...Capital, Physical - Computers, Machines, Infrastructure, etc and Human, the amount and quality of their skills...E.A., Provides Innovation and Framework to allocate resources |
|
|
Term
|
Definition
| Any entity that combines the use of Labor and Capital to create a service |
|
|
