| A | B |
|---|
| economics | the study of the choices people make to satisfy their needs and wants. |
| economist | a person who studies economic choices of people. |
| microeconomics | study of the choices make by economic actors. |
| macroeconomics | examines the behavior of entire ecnonomies. |
| producers | People who make things that satisfy consumer's needs & wants |
| consumers | people who decide to buy things |
| goods | physical objects that can be purchased. |
| services | are actions or activities that are performed for a fee |
| resource | anything that people use to make or obtain what they need or want |
| factors of production | resources that can be used to produce goods & services |
| natural resource | items provided by nature. |
| human resource | any human effort exerted during production. |
| captial resource | manufactured materials used to create products, capital goods and the money to purchase them. |
| Capital goods | buildings, structures, machinery & tools used in the production process. |
| Consumer goods | finished products that consumers buy. |
| Technology | is the use of technical knowledge & methods to create new products or make existing ones more efficiently |
| Entrepreneurship | combining orgainizational abilities & risk taking involved in starting a new venture. |
| Entrepreneur | person who attempts to start a new business or product. Risking gain vs failure. |
