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Chapter 1 copy - Chapter 1 Section 1 1 Vocabulary Economics...

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Chapter 1 Section 1 1. Vocabulary Economics - the study of choices that people make to satisfy their needs and wants. Economist - A person who studies these economics choices Microeconomics - the study of choices made by economic actors such as households, companies, and individual markets. Macroeconomics - Examines the behavior of entire economies. Consumers - people who decide to buy things Producers - People who makes the things that satisfy consumers needs. Goods - physical objects that can be purchased. Services - actions or activities that are preformed for a fee. Resource - anything that people use to make or obtain what they need or want. Factors of production - resources that can be used to produce goods and services. Natural resources - items provided by nature that can be used to produce goods and to provide services. Human resource -any human effort exerted during production Capital resources - manufactured materials used to create products. Capital goods - buildings, structures, machinery, and tools used in the production process. Consumer goods - the goods and services people buy. Technology - use of technical knowledge and methods to create new products or make existing products more efficiently. Entrepreneurship- The organizational abilities and risk taking involved in starting a new business or introducing a new product. 2. Q: What are th3e key influences on your daily economic decisions? A: Influences such as needs and wants influence a person and help decide what they will buy. A person will buy what they need before what they want. Producers influence us in what we buy because they decide what to produce and what quantity to produce it in. Advertisements influence us in what we consume. 3. Q: Consider the factors of production and give one example not listed in the text of each of the following: natural resources, human resources, and capital resources. A: An example of natural resources would be products used from earth such as minerals, natural gases, trees, and things that grow or can be found from the earth.An example of human resources would be the people who produce, such as: businessmen, any employee for a company, school teacher, etc. Anyone who provides services is a human resource. An example of a capital resource would be the materials used to create a product such as: the buildings, property, raw materials, and welding machines. 4. Q: Why might a person become an entrepreneur? What characteristics might someone need to be a successful entrepreneur?
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A: A person would become an entrepreneur because they would want to start a business and sell their ides or product. They would have their own ideas, products, or dreams of inventing something new that consumers would desire. To be a successful entrepreneur one must be dedicated and willing to take the risk of failing. They need to be positive and hardworking individuals. Anyone that wants to become a entrepreneur must be also able to handle criticism 5. Q: You use factors of production every day. For example, you use human resource,
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