Basics
In economics, there is no such thing as this.
What is a free lunch? What is unlimited resources?
This is the process of making goods.
What is production?
In everything, every choice comes with this.
What is a cost? What is opportunity cost? Accept trade-off.
All the activity that affects production, distribution and consumption of goods in a nation.
What is an economy?
What is macroeconomics?
This is anything you can use to make a good or perform a service?
What is capital?
This term literally means that to get something, you have to give something.
What is trade-off?
The study of choices by individuals and firms in an economy. The study of small units in an economy.
What is microeconomics?
Something you desire beyond your basic needs.
What is a want?
This factor of production involves the ability to start a business.
What is entrepreneurship?
This is the value of the next best alternative.
What is an opportunity cost?
An economists, starting with the data, would make these and then test them.
What are theories?
This is a fifth factor of production. It includes the application of science and engineering to increase productivity.
What is technology?
This is the use of a good or service.
What is consumption?
What is a consumer?
This is a graph that shows the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
What is a production possibilities frontier or PPF?
In positive economics, economists try to stick to the facts. They don't make these.
What are value judgments or guesses?