Finance
What’s is money?
anything that serves as a medium of exchange, a unit of account, and a store of value.
What is an economist?
a person who studies the economy
What is an entrepreneur
A person who organizes, manages, and takes on the risks of a business.
What is it to allocate?
To distribute.
What are goods?
Items purchased to satisfy needs and wants.
What is value?
A customer's subjective assessment of benefits relative to costs in determining the worth of a product.
What is economic?
The study of how people seek to satisfy their needs and wants by making choices
What are Human Resources?
maintains policies, plans, and procedures for the effective management of employees
What is self sufficiency?
the ability to fulfill all of one's needs without assistance.
What is a consumer?
A person who purchases goods and services for personal use.
What is a utility?
Ability or capacity of a good or service to be useful and give satisfaction to someone.
What is microeconomics?
the study of how households and firms make decisions and how they interact in markets.
What is a service?
Work that is performed for someone.
What is the an exchange?
the trade of things of value between the buyer and the seller so that each is better off as a result.
What is a resource?
A substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use.
What is a trade off?
the act of giving up one benefit in order to gain another, greater benefit.
What’s is macroeconomics?
the study of economy-wide phenomena, including inflation, unemployment, and economic growth.
What is a specialization?
A focus on a particular activity or area of study.
What are natural resources?
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.
What are capital goods?
goods that are used in producing other goods, rather than being bought by consumers.
What is opportunity cost?
the most desirable alternative given up as the result of a decision.
What is a barter economy?
moneyless economy that relies on trade or barter
What is Interdependence?
the dependence of two or more people or things on each other.
What are factors of production?
Land, labor, and capital; the three groups of resources that are used to make all goods and services.
What are capital resources?
The tools, equipment, and buildings that are used to produce goods and services.