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7 Cards in this Set
- Front
- Back
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macroeconomics
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is the branch of economics that examines the behavior of the whole economy at once.
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microeconomics
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is the branch of economics that examine the choices of individuals concerning one product, one firm, or one industry.
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scarcity
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is the condition that results for society not having enough resources to produce all the things people would like to have.
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Land
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everything physical (other than human beings) which is not the result of human effort is within the economic definition of land.
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labor
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All who participate in production by their mental and/ or physical effort are laborers in the economic sense. This would include their efforts, abilities and skills.
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capital
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wealth used to produce more wealth, or wealth in the course of exchange.
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entrepreneur
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an entrepreneur is a risk taker in search of profits.
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