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Economics
The social science concerned with how individuals and societies maximize their satisfaction for needs and wants
Resource
A service or asset used to produce goods and services that meet human needs
Land
A natural resource that is used in the production of goods and services
Labor
A force of production that refers to the work people do to produce goods and services
Capital
The physical or financial resources used to produce value in an economy
Entrepreneurship
The Process of starting and running a business. Includes maintaining it and taking business risks.
Scarcity
The demand for a good or service that is greater than the availability or the goods or services
Opportunity Cost
The loss of any type of gain by choosing to engage in another activity
Microeconomics
The part of economics concerned with single factors and the effects of individual decisions
Macroeconomics
The part of economics concerned with large scale or general economic factors
Tradeoff
the act of giving up one thing for another
Marginal Analysis
The examination of the costs and benefits of a marginal change in the production of goods
marginal benefit
The additional benefit arising from a unit increase in a particular activity
Marginal Cost
The change in total production cost that comes from making or producing one additional unit
Market Economy
An economic system where two forces, supply and demand, direct the production of goods and services
Command Economy
One in which a centralized government controls he means of production and determines output levels.
Traditional Economy
A system that relies on customs, history, and time-honored beliefs
Mixed Economy
An economic system that combines the elements of a market economy and the elements of a planned economy
Private Property Rights
Legal rules that define how individuals or private groups own and use property
Self-Interest/ Incentives
The idea that people act in their own best interest. Can be beneficial to society
Competition
The rivalry between two or more businesses striving for the same customer or market
