Scarcity:Unlimited wants, limited resources.

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Scarcity:Unlimited wants, limited resources.

Positive Statements

Statements based on facts.

Macroeconomics

Study of economy as a whole like governments spending or inflation.

Mixed Economy

An economy that is a combination of a free market and a command economy, freedom from the government, but with regulation. Most countries use this economy.

Free Market Economy

Economy with no government control or influence

Perverse Incentive

A negative unintended consequence of giving someone an incentive to do something

Incentive

The reason one has to do something

Command Economy

Government controlled economy, like in communism

Normative Statements

Included value judgements

Microeconomics

Study of small economic units such as individuals, firms, and markets.

Trade off

Every choice has a cost. For example, if you had to choose between wearing a red shirt and a blue shirt and you chose the red shirt, the trade off would be not wearing the blue shirt.

Productivity

The amount of output per unit of input

Entrepreneurship

People that use their ambition and innovation skills to produce goods and services

The four factors of production

Human Capital

Any skills gained by a worker through education and experience. An example would be a baseball player's ability to pitch, hit, field, or run.

Capital

Human made resources that are used to produce other good and services

Labor

Any effort someone puts in to produce a product that they are then paid for.

Land

All natural resources that are used to produce goods and services

Cost

Amount seller pays to produce a good

Investment

The money spent by businesses to improve their production.

Price

Amount the consumer pays for a product

Utility

The satisfaction the customer feels with the product

Allocate

The distribution to the various consumers by the seller