Economics - The social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices. Microeconomics – The study of the choices that individuals and businesses make, the way these choices interact in markers, and the influence of governments. Ex) why are people buying more SUVs and fewer minivans? Macroeconomics – The study of the performance of the national economy and the global economy. Ex) what is wrong with Japans economy? Goods and Services – The objects that people value and produce to satisfy human wants. Factors of Production – Labor, Land, Capital, Entrepreneurship. Human Capital- The knowledge and skill that people obtain from education, on— the-job training, and work experience.
This is the end of the preview.
access the rest of the document.