Introduction
Needs and Wants
Systems
Resources
Economic Problems
100
The study on how people choose to use resources.
What is economics?
100
Things we cannot live without.
What are needs?
100
The study of production, employment, policies in a nationwide scale.
What is macroeconomics?
100
anything which can be used for production processes.
What are resources
100
it is the tension between infinite wants and finite resources.
What is scarcity?
200
Scarcity means that we must make a choice and everything has a cost
What is the 2 assumptions in economics?
200
A group's wants provided by the government.
What is collective wants?
200
All decisions are made by the government.
What is command economy
200
all human intellectual and physical efforts and skills.
What is labor?
200
external motivators that explain people's choices.
What is incentive?
300
The founding father of modern economics.
Who is Adam Smith?
300
Some wants go with other wants.
What is complementary wants?
300
The ability of a country to carry out a particular economic activity more efficiently than other countries.
What is Comparative Advantage
300
Manufactured goods used to make final products
What is Capital?
300
it is the way use scarce resources to maximize satisfaction
What are choices?
400
it is the way economists assume how to people behave.
What is rational?
400
intangible acts that are performed to satisfy needs and wants.
What is services?
400
the way of production divided into a number of tasks that are performed by different workers instead of all tasks being done by the same person.
What is division of labor
400
Risk taking individuals who combines resources to make profits.
What is Entrepreneurship?
400
it is the best alternative forgone
What is opportunity cost
500
It is something that influence people's choices through social media.
What is information?
500
it is something the government use to provide collective wants
What are taxes?
500
a way to achieve the unattainable area in the PPF
What is the function of trade?
500
forest, minerals, fisheries, agriculture, oil, real estate.
What is Land resource?
M
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