{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Macroeconomics - Entrepeneurship the ability and...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

{[ snackBarMessage ]}