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5 Cards in this Set
- Front
- Back
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Economics
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studes the choices we make when there is scarcity
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Scarcity
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the resources we use to produce goods and services are limited
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Factors of Production
(Production Inputs/Resources) |
-natural resources [[provided by nature; land]]
-labor [[physical/mental effort]] -physical capital [[equipment to produce goods]] -human capital [[education/experience]] -entrepreneurship [[used to coordinate the factors of production]] |
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Possitive Analysis
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answers the question "What is?" or "What wil be?"
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Normative Analysis
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answers the question "What ought to be?"
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