Economics 1
Microeconomics
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Resources (also referred to as productive resources
or factors of
production):
- Productive resources are the natural resources, human
resources, and capital goods (resources) available to
make a good or
service.
- Natural resources, such as land, are "gifts
of nature," they are present without human
intervention.
- Human resources are the workers. More formally
defined as the quantity
and quality of human effort directed toward producing
goods and
services.
- Human capital refers to the quality of labor resources,
which
can be improved through investments in education,
training, and health.
- Capital goods or capital resources are goods produced
and used to make
other goods and services.
- A fourth category, entrepreneurs, is sometimes
used. Entrepreneurs are
people who organize other productive resources to
make goods and
services.
Wants: Economic wants are desires that can be
satisfied by consuming a
good, service, or leisure activity. Economic wants range
from things
needed for survival to things that are nice to have.
Satisfy: To get what you want
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Economics 2
Macroeconomics
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Barter: Barter is the direct trading of goods
and services between
people.
Money: Money is anything widely accepted as final
payment for goods and
services.
Exchange: Exchange is trading goods and services
with people for other
goods and services or for money.
Goods: Goods are objects that can satisfy people's
wants.
Services: Services are actions that can satisfy
people's wants.
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Economics 3
Economic Systems
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Resources (also referred to as productive resources
or factors of
production):
- Productive resources are the natural resources, human
resources, and capital goods (resources) available to
make a good or
service.
- Natural resources, such as land, are "gifts
of nature," they are present without human
intervention.
- Human resources are the workers. More formally
defined as the quantity
and quality of human effort directed toward producing
goods and
services.
- Human capital refers to the quality of labor resources,
which
can be improved through investments in education,
training, and health.
- Capital goods or capital resources are goods produced
and used to make
other goods and services.
- A fourth category, entrepreneurs, is sometimes
used. Entrepreneurs are
people who organize other productive resources to
make goods and
services.
Wants: Economic wants are desires that can be
satisfied by consuming a
good, service, or leisure activity. Economic wants range
from things
needed for survival to things that are nice to have.
Satisfy: To get what you want
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Economics 4
International Trade
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Exchange: Exchange is trading goods and services
with people for other
goods and services or for money.
Goods: Goods are objects that can satisfy people's
wants.
Services: Services are actions that can satisfy
people's wants.
Economics: The study of how individuals and societies
organize the production, consumption and distribution
of goods and services.
Interdependence: Interdependence is the dependence
on others for goods
and services and occurs as a result of specialization.
Economic
specialization is when people concentrate their production
on fewer
kinds of goods and services than they consume.
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