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Economic Terms

Economicsthe science that studies the choices of people trying to satisfy their wants in a world of security
landnatural resources found in nature
laborphysical and mental talents people contribute to the production of goods and services
Capitalproduced goods that can be used as resources for further production ex: factories, machines, tractors
entrepeneurshipnew business opportunities
Monetary Paymentsrent-payment to land sources, wages- payment to labor, capital- payment to entrepeneurship, intrest-payment to capital
3 economic questions that ever society must answerWhat goods will be produced? How will the goods be produced? For whom will they be produced?
opportunity costhighly valved opportunity or alternative forfeited when you make a choice
global economyeconomic actions taken anywhere in the world may affect your standard of living
microeconomicsdeals on human behavior and choices that relate to small units
macroeconomicsbranch that deals with human behavior that relates to the entire economy
wantsthings we deserve to have
tangibleable to be felt by touch
intangiblenot able to be felt by touch
resourcesanything that is used to produce goods and services
scarcitypeople's wants are greater than the resources available
private propertygood source of bye person
public propertygoods owned by the government
choicekey element of free enterprise workers, businesses, buyers
voluntary exchangeindividuals have the right to make exchanges or trade in order to make them better off
competitionbusinesses compete with each other
incentivesomething that encourages a person towards action
free enterprise systemsomeone can get what he/she wants by offering to sell something that others want to buy

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