Economics chapter 1
by Joanne Chang
1. economics
1.1. a choice or relate to business
1.2. instead of taking regular class i take AP class
2. goods
2.1. some thing that is benefit for people's life
2.2. governent spend money on public transportation
3. services
3.1. work or give a thing to other
3.2. school service for build up our education
4. consumer
4.1. people who buy the thing
4.2. buying iphone 7
5. producer
5.1. people who invent a thing
5.2. cell phone
6. land
6.1. where people build house or farm
6.2. people buy land for farming
7. labor
7.1. worker
7.2. Mexican people work at different place
8. capital
8.1. all the resources people make and use to produce and distribute goods and services
8.2. factory
9. Entrepreneurship
9.1. different thing to different people
9.2. some people need food for surviving instead of giving them new technology
10. Opportunity costs
10.1. the second best choice
10.2. first for iphone 7 second is Macbook pro
11. Economizing
11.1. make a decision base on cost and benefits
11.2. choose between shopping or study SAT
12. PPC
12.1. a graph show the maximum goods or services that can be produced using limit resource
12.2. limit money but thing we want to by is a lot
13. guns and butter
13.1. choicing between military and public service
13.2. North Korea choice to spend their money on military insteaad of feeding their people
14. wants
14.1. the thing that is unnecessary
14.2. Iphone 7
15. Needs
15.1. thing that is necessary
15.2. Food
16. Scarcity
16.1. unlimited want but limit resource
16.2. we want a new phone but we do not have enough money
