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Economics
The study of the choices made under the conditions of scarcity
Scarcity
The condition that results because people have limited resources but unlimited wants
Trade off
When you give up one thing to get something else
Opportunity cost
the benefits you miss out on when you choose one thing over the other
Economy
A system used to manage limited resources for the production, distribution, and consumption of goods and services
Goods
Physical items produced in an economy
Services
Activities that are produced in the economy
Society
A collection of people who share a common bond within a living proximity
Needs
Minimal requirements that are necessary to survive
Wants
Things that are desired, but not essential to survive
Labor
Time and effort people contribute to the production process
Capital
Anything used by humans to produce something
Physical Capital
A good that is used to make another goods or services
Human Capital
Skills and knowledge of workers
Entrepreneurship
Willingness of people to organize, operate, and assume the risk involved with business ventures
Assuming some risk to contribute product or service to society
Land
Anything drawn from nature for use in the production of goods/services
Inputs
things/factors that can be used to make something else, these being land, labor, capital, entrepreneurship