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ECON-203 Midterm Notecards

ECON-203 Midterm Notecards - Define Utility the pleasure...

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