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Introduction to business

Terms

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Needs
things that are required in order to live
wants
things that comfort and pleasure to your life
economic resources/Factors of production
are the means through which goods and services are produced
kinds of economic resources
natural=raw materials supplied by nature human=people producing goods and services Capital=products and money used to produce the goods and services
Goods and services
Goods-things that you can physically see and touch services-activities that are consumed at the same time they are produced
Scarcity
not having enough resources to satisfy every need
economic decision making
the process of choosing which wants,among several options, will be satisfied
tradeoff
you give up something to have someting else
opportunity cost
the value of the next best alternative that you did not chose
The decision making process
1.define the problem 2.identify the choices 3.evaluate the adv. and dis. adv. of each choice 4.Choose one 5.Act on your choice 6.Review on your decision
3 economic questions
1.What goods and services will be produced? 2.How will the goods and services be produced? 3.What needs and wants will be satisfied with the goods and services produced?
Economic System
a nations plan for answering the three economic questions. the type of system is based on how much the gov is invovled in the marketplace
command economy
resources are owned and controlled by the gov.

Deck Info

13

the sokobro

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