Macroeconomics- The study of the economy as a whole, i.e, inflation, international trade, or wages.
Microeconomics- The study of individual or specific units of the economy, i.e, supply and demand, market structures, or business operations.
Positive economics- Attempts to describe the world as it is, "what is", and "collects/ presents" facts
Normative economics- Describes how the world should be, "ought to be", or "should be"
Needs- basic requirements for survival (food, water, shelter, clothes)
Want- Desires of citizens
Goods- tangible commodities, Capital goods- items used in creation of other goods, Consumer goods- goods intended for final used by the consumer
Services- the providing or a provider of accommodation and activities required by the public
Security- fundamental economic problem, how to satisfy wants with limited resources
Shortage- QD > QS
Factors of production
1.Land- natural resources
2.Labor- work force
3.Capital- normal/physical
4.Entrepreneurship- innovative/ risk taker
Jesse, you should possibly change the "Capital- normal/physical" to "human/physical" as it refers to people instead of just normal which is just a broad term.
ReplyDeleteJesse, I suggest that you should change the word "Security" to "Scarcity" because you the have the wrong word mixed with the wrong definition
ReplyDelete