Economics: Study of Production and Distribution

Economics

Applied economics

Ancient Greek words meaning household management

<p>Single factors of an economy such as individuals and households</p> Signup and view all the answers

<p>Macroeconomics</p> Signup and view all the answers

<p>People who buy goods or services for personal use</p> Signup and view all the answers

<p>A person, group, or business that provides goods or services to satisfy consumers' needs and wants</p> Signup and view all the answers

<p>Factors or inputs of production</p> Signup and view all the answers

<p>Machinery and equipment used to produce output</p> Signup and view all the answers

<p>The ability to organize production and bear risks</p> Signup and view all the answers

<p>The condition where there are insufficient resources to satisfy all needs and wants</p> Signup and view all the answers

<p>Labor input</p> Signup and view all the answers

<p>The essentials of life such as food, clothing, and shelter</p> Signup and view all the answers

<p>The decision made to allocate resources most efficiently</p> Signup and view all the answers

<p>Opportunity cost</p> Signup and view all the answers

<p>Not considered as capital under this definition</p> Signup and view all the answers