Economics
The study of how individuals, firms and societies use scarce productive resources to fulfill unlimited wants
Microeconomics
the study of the economic behavior and decision making of small units, such as individuals, families, and businesses
Macroeconomics
the study of economy-wide phenomena, including inflation, unemployment, and economic growth
Scarcity
Societal problem because there are not enough productive resources to satisfy peoples unlimited wants
Trade-off
Giving up one thing for anotherSocieties and people are forced to make trade-offs every time they use their scarce productive resources
Productive resources
the inputs used to produce the goods and services that people want
Entrepreneurship
the process of starting, organizing, managing, and assuming the responsibility for a business
Human Resources
People who work to produce goods and services
Natural resources
Resources provided by nature
Capital goods
buildings, machinery, tools, and other goods that provide productive services over a period of time.