Macroeconomics - Entrepeneurship- the ability and...

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Macroeconomics Chpt 1 Economics is the study of choice under conditions of scarcity Scarce time-limited number of hours in a day Economists study evaluate Choices Consequences of choices Indirect effect on greater whole Rescources Labor-time workers spend to produce goods and services Capital-long lasting tool used create things Human capital-skills and knowledge of workers Pysical capital-tools used in production such as machinery/factoy Land-location where production happens and the natual rescources on the land
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Unformatted text preview: Entrepeneurship- the ability and willingness to use the first 3 rescources in a productive enterprise Input-things that are not categorized in the first for rescources (raw material) Households-have limited income to allocate 65% of GDP Firms-production is limited by cost of production Government agencies- the budget is limited so goals must be carefully chosen. GDP- total value of goods produced in a year...
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This note was uploaded on 04/23/2008 for the course ECON 207 taught by Professor Kahnamoui during the Winter '08 term at Western Washington.

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