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Unformatted text preview: Defne: Utility the pleasure, happiness, or satisFaction gained From consuming a good or service Defne: Economics the administration oF scarce resources and how to satisFy the need For limited ones Defne: Scarcity/Shortage, Di f erence scarcity: limited resources (unlimited needs, not enough production) vs unavailability oF resources Defne: Microeconomics inidividual level: person, household, frm etc Defne: Macroeconomics "as a whole": sectors, countries, etc Defne: Scarce Resources society has limited or scarce resources Defne: Labor a resource, consists or the physical and mental talents oF individuals used in producing goods or services Defne: Entrepeneur a person who organizes and operates a business or businesses, taking on greater than normal fnancial risks in order to do so. he is an innovator Defne: Consumer/Capital Goods consumer goods: products that satisFy our wants directly, capital goods: product thats satisFy our wants indirectly Defne: Economic System a particular set oF institutional arrangements and coordinating mechanism...
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