Economics Unit One

1. Economy

1.1. Command Economy

1.2. Market Economy

1.3. Mixed Economy

2. Factors of Production

2.1. Land

2.2. Labor

2.3. Capital

2.4. Entrepreneurship

3. Capital

3.1. Ceteris Paribus

3.2. Scarcity

3.3. Opportunity Cost

3.4. Invisible Hand

3.5. Incentive

3.6. Human Capital

3.7. Allocation

3.8. Capital Goods

3.9. Consumer Sovereignty

4. Economics

4.1. Macroeconomics

4.2. Microeconomics

4.3. Normative Economics

4.4. Positive Economics

5. Markets

5.1. Product Markets

5.2. Resource Markets

6. Models

6.1. Economic Model

6.2. Circular Flow Model