Fundamental economics
Define economics
Social science dealing with how Elle satisfy seemingly unlimited and competing wants with the careful use of scarce resources
What is service
Work or labor performed by someone
What is want
Something we would like to e but isn’t necessarily for survival
What’s a durable good
A good that lasts for at least three years when used regularly
What is need
Basic requirement for survival
What is a consumer good
Good intended for final us by consumers rather than business
What’s a capital good
Tools equipment and factories used in the production of goods and services
What’s a human capital
Sum of people’s skills and abilities health knowland motivation.
What is TinstAAFL
There is no such thing as a free lunch
What is a traditional economy
A system in which the allocation of scarce resources and other economic activities are based on ritual habit or custom.