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Economics 1 1 Notes Lower Version

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Economics 1 1 Notes Lower Version

  1. 2. <ul><li>Economics </li></ul><ul><ul><li>The study of choices that people make to satisfy their needs and wants. </li></ul></ul>Microeconomics Macroeconomics Choices made by actors such as households, companies, and individuals. Choices made by much larger actors like governments.
  2. 3. Consumers & Producers To fulfill their need and wants Goods and Services Physical objects. Actions or activities
  3. 4. Tangible Objects- Things that you can touch and feel
  4. 5. Things you can enjoy but can’t physically touch Trans portation
  5. 6. <ul><li>Factors of production are the four types of resources needed to produce the goods and services that people need and want. </li></ul><ul><ul><li>Natural resources- must be scarce </li></ul></ul><ul><ul><ul><li>Items provided by nature- farmland, forests, mineral mines, oil fields, etc. </li></ul></ul></ul>
  6. 7. <ul><ul><li>Human resources- </li></ul></ul><ul><ul><ul><li>Human effort exerted during production. </li></ul></ul></ul><ul><ul><li>Capital resources- </li></ul></ul><ul><ul><ul><li>Manufactured goods and money used to produce goods. </li></ul></ul></ul><ul><ul><ul><ul><li>Factories, department stores, machinery, and tools. </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Improvements in technology help production. </li></ul></ul></ul></ul><ul><ul><li>Entrepreneurship- </li></ul></ul><ul><ul><ul><li>The starting of a new business or introducing a new product. </li></ul></ul></ul><ul><ul><ul><li>Entrepreneur- the person involved and taking the risk. </li></ul></ul></ul>
  7. 8. <ul><li>These four things add up to produce consumer goods </li></ul><ul><ul><li>The goods and services that people buy </li></ul></ul>

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