Word
Economics
Book definition
The study of how society chooses to use scarce resources to satisfy its unlimited wants and needs.
In your own words
Making choices on what items we'll get prior if we want them or need them.
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Economist
Book definition
Someone who studies economic theory and applies it to the real world.
In your own words
A person who knows how the economy works as well as the theory and sees what to do with it in reality.
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Microeconomics
Book Definition
The study of a single factor of an economy- such as individuals, households, businesses, and industries- rather than an economy as a whole.
In your own words
Little businesses that make money for themselves.
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Macroeconomics
Book Definition
The study of an entire economy or one of its principal sectors.
In your own words
The whole economy together of something big such as a country's economy.
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Consumers
Book Definition
One who buys goods or services for personal use rather than for resale or use in production or manufacturing.
In your own words
Person who pays for items or services that they want or need.
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Producers
Book Definition
A person, group, or business that makes goods or provides services to satisfy consumers' needs and wants.
In your own words
Something or someone who makes or does something for another person who will in return pay them.
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Goods
Book Definition
Objects or materials that can be purchased to satisfy human wants and needs.
In your own words
Items humans pay for that they want or need.
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Services
Book Definition
Any action or activity that is performed for a fee.
In your own words
Something that someone gets paid for to do.
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Resource
Book Definition
Anything used to produce goods or services.
In your own words
Materials used to create and make other materials that humans want and need.
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Natural resource
Book Definition
Any material provided by nature that can be used to produce goods or provide services.
In your own words
Materials give to us by mother nature that we use to create and provide goods along with services.
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Human resource
Book Definition
Any human activity-mental or physical-used in the production process.
In your own words
Anything a human does, that takes power and energy, used in production process.
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Capital resource
Book Definition
An item used in the production of other goods and services.
In your own words
objects humans use to make other items or to help in services.
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Entrepreneurship
Book Definition
The organizational abilities and risk taking involved in starting a new business or introducing a new product to consumers.
In your own words
Taking the risk of failing when starting a new business or coming up with a new product.
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Scarcity
Book Definition
The fundamental condition of economies that results from the combination of limited resources and unlimited wants.
In your own words
The fact that we do not have enough resources to satisfy our wants.
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Allocate
Book Definition
To distribute scarce resources - such as money, land, equipment, or labor- in order to satisfy the greatest number of needs and wants.
In your own words
Allowing humans to have some resources so they can get as many of their needs and wants as possible.
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Productivity
Book Definition
The level of output that results from a given level of input.
In your own words
What is produced from amount of work and energy one used in the production process.
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Efficiency
Book Definition
The production of goods and services using the smallest amount of resources for the greatest amount of input.
In your own words
using as little as possible to make as much as possible.
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