Econ Unit 1

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Scarcity

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The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.

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Microeconomics

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The branch of economics that studies individual agents and markets, such as households and firms, and their interactions.

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Macroeconomics

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The branch of economics that studies the behavior and performance of an economy as a whole, including issues like unemployment, inflation, economic growth, and monetary and fiscal policy.

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Needs

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Basic requirements for human survival, such as food, water, shelter, and clothing.

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Wants

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Desires that can be satisfied by consuming a good or service. They are not essential for survival but improve the quality of life.

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There is no such thing as a free lunch

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A popular adage that communicates the idea that it is impossible to get something for nothing. Every choice involves trade-offs.

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Factors of Production: Land

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Natural resources that are used to produce goods and services.

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Factors of Production: Labor

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The human effort, including physical and mental, used in the production process.

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Factors of Production: Physical Capital

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Man-made goods that assist in the production process, such as machinery, buildings, and tools.

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Factors of Production: Human Capital

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The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.