READING CH1

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Aerospace Engineering

readingrainbow

Kindergarten

Last updated 4:31 AM on 1/13/23
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12 Terms

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Scarcity
Unlimited wants face limited resources.
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Economics
Study of how people satisfy wants with scarce resources
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Utility
The capacity of a good or service to provide satisfaction
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Service
Works that are performed
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Production
The creation of goods and services.
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TINSTAAFL
There is no such thing as a free lunch.
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Free enterprise economy
System that is dominated by privately owned business.
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underutilization
the condition that exists when economic resources are not being used to their full potential
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microeconomics
name given to the study of individual behavior in an economic system
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macroeconomics
the study of the economy as a whole involving topics such as unemployment and inflation.
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4 factors of production
land, labor, capital, entrepreneurship
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3 Questions of economic scarcity
what is produced? , how is it produced? , for whom is it produced?