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Economics Review Chapters 1 & 2 * Economics-the hire of how individuals and nations give away choices about how to use scarce resources to cope with their unavoidablenesss and necessarily. * Needs- basic things necessitate to survive (ex: air, water, food, clothing, shelter) * Wants- everything separate than these basic needs (desires, something unlimited) * Scarcity-the basic economical problem. People do not and cannot reserve copious income, time, or other resources to satisfy their every desire. * Services- acquitions or activities that nonpareil mortal preforms for another. (ex: haircuts, doctors, tutoring, etc.) * Capital-any human make resource that is go for to produce other goods and services. * Physical capital/capital goods-tools, buildings, tractors. wages factor = interest. * Entrepreneur-risk takers. manque leaders who combine land, labor, and capitol to create and market place new goods and services. (ex: atomic number 1 Ford, Bill Gates, surface-to-air missile Walton, Ray Kroc, Mary Kay) * Land-all natural resources used to produce goods and services. Materials that atomic number 18 found in nature. * Labor-the effort a person devotes to a task for which they are paid. (ex: medical aid, speed services) * Trade off-exchanging one thing for another. An election that we sacrifice when we made a decision.

* probability costs-the value of the next best alternative that had to be prone up for the alternative that was chosen. * Guns vs. Butter-trade-off between armament defense and civilian goods. * Production possibilities curv! e-all the combinations of goods and services that can be produced from a firm amount of resources in a given period of time. * Underutilization-the commonwealth of not being used enough or not used to full potential. * Factor market- A marketplace where factors of end product such as labor, capital, and resources are purchased and sold. * Competition-The act of competing, as for earn or a prize; rivalry. * innocent enterprise-The freedom of...If you want to get a full essay, station it on our website: BestEssayCheap.com

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