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Economics
The study of the use of resources and decision making
What are the 4 factors of capital?
Land
Labor
Entrepreneurship
Capital
Physical Capital
Tools, machines & factories used to produce items
Human Capital
Knowledge experience & training that creates productive workers
Entrepreneurship
A person who brings together all of their resources, capital and takes the risk to start a business
Microeconomics
The study of small scale individuals and firms
Macroeconomics
The collective decisions of everyone all the time, looks at growth, inflation, and policy as well
Mixed economy
Where individuals and the government both play a role
central planned economy
Where government owns the means of production & decides whats produced and how to produce it & who gets it
Market economy
an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand.
A traditional economy
an economic system where people use customs, traditions, and cultural beliefs to survive, and monetary status is not important
Scarcity
Resources are limited, which creates the need for prioritization and decision-making.
Efficiency
Economics examines how to use these resources in the most effective way to maximize output and satisfaction
Note 
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