Review

Review Economics Review Chapter 1 Section 1 1. Economics: study of how individuals & states make choices about ways to expend scarce resources to fulfill their needs & wants. 2. Scarcity: state in which people don’t & cannot have enough income, time, or other resources to satisfy. 3. Factors of production: resources of land, labor, capital, & entrepreneurship used to produce goods & services. 4. Entrepreneurship: ability to parachute new businesses, to introduce new products, & techniques. Section 2 1.

trade-off: exchanging one thing for the use of an other, often making needful choices because of the problem of scarcity. 2. Opportunity cost: value of the next overstep alternative given up for the alternative that was chosen. Section 3 1. Economy: all activity in a tribe that affects the production, distribution, & use of goods & services. 2. Economic model: simplified representation of the textile world which shows people’s reactions to changes ...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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