is a science that deals with the allocation or use of scarce resources for the purpose of fulfilling society's needs and wants
Are people who buy and use goods and services
Two Reasons people should study economics
Economics helps citizens and voters make intelligent decisions about whether to support or oppose measures proposed by the government, helps individuals become wise consumers, and to understand why and how economic problems occur.
Is the study of the activity of individual units in the economy.
Is thge study of overall economics activity and the interaction between major sectors, or parts, of the economy.
The 3 tasks that all economics peform
Gather facts and/or data, establish principles and/or theories , and help develop economic policies.
Economists generalize by making statements that give a general undertstanding of a particular economic issue or problem.
Inductive is the king of reasoning in which facts are gathered in order to draw a conclusion. Deductive is the kind of reasoning that begins with a possible conclusion, called a hypothesis, and apllies it to the facts of the situation.
Is the condition in which in everyone who wants can find a job.
6 basic economic goals
the six basic economic goals of the United States are economic growth, full employment, price stability, economic freedom, fair distribution of wealth, and economic security.
A trade off must be madewhen economic goals are in conflict. To achieve one goal, another has to be given up.
2 fundamental facts of economics are
2 fundamental facts of economics are ; most people needs and wants are limited and the resources needed to produce the goods and services to meet peoples need and wants are limited
affects the economic decisions individuals,businesses, and governments make because they must make economic decisionsbased on limited available resources
is an in suffiecient supply of something.economics resorces need to meet unlimited wants anss neds are limited
are goods used to manufacture other goods or to move them from producer to consumer
are goods brought by users for their own personal needs aand wants, such as food,clothiung,aplliances, and cars
are whattttttttt we must have to survive..food clothing shelter
refer to people desires beyond their needs.,,. ex; tv ,swimming
are the choices available to individuals ,businesses, and governments for producing goods with limited resources.
Are the costs of giving up one thing in order to get something else
is production per worker
5 Fundamental econmic ?'s
What degree should resources be used in the production process,what goods and services should be produced, how should goods and services be produed, how should goods and servies be shared by the people, and can economic system remmain effect.
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