Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Scarcity
|
inability to satisfy all wants
|
|
|
Incentives
|
reward or penalty encourages or discourages an action, influence people's choices
|
|
|
Economics
|
Social sociece that stdies the choices that individuals, businesses, governments, and societies as they cope with scaricity and the incentives that influence and reconcile those choices
|
|
|
Microeconomics
|
study of choices that individuals and businesses make, the way these choices interact in markets, and the influence of governements
|
|
|
Macroeconomics
|
study of the performance of the national economy and global economy
|
|
|
Goods and services
|
objects that people value and produce to satisfy wants
|
|
|
Factors of productions
|
land, labor, capital, entrepreneushop
|
|
|
land
|
"gifts of nature" such as land, minerals, and water
|
|
|
labor
|
work time and work effort people devote to producing goods and servies
|
|
|
human capital
|
knowledge an skill that people obtain from educaiton, on-the-job training and work experience
|
