Economic 4 period
by 莛媗 徐
1. Land
1.1. Refers to all natural resources used to produce goods and services.
1.1.1. Asia, Africa
2. Labor
2.1. Is all of the human effort used to produce goods and services
2.1.1. Immigration, teacher
3. Captial
3.1. Is all of the resources made and used by people to produce goods and services.
3.1.1. physical capital, real capital
4. Entrepreneurship
4.1. Involves the vision, skills, and rick-taking needed to create and run businesses
4.1.1. risk taker,making a profit
5. Opportunity costs
5.1. the next best alternative choice
5.1.1. apple and Samsung, you choose the Apple, and Samsung is the opportunity costs
6. Economizing
6.1. Make decisions based on what you believe is the best use of cost and benefits
6.1.1. Choosing studying for SAT over shopping
7. PPC
7.1. Is a graph used by economists to show the impact of scarcity on an economy
8. Guns and Butter
8.1. Spend money on military, or public services
9. Wants
9.1. Something you wish for
9.2. New clothes, high grade,
10. Needs
10.1. necessary things
10.2. Family, friend, laptops, cellphone.
11. Scarcity
11.1. Shortness of supply
11.2. Pakistan need water, Germany Needs More Immigrants
12. Economics
12.1. consumption of goods and services
12.2. Buy the house, value of a currency
13. Goods
13.1. Are objects, such as good, clothing, and furniture, that can be bought.
13.2. Water battle, glasses, books
14. Services
14.1. Are work that one person does for another.
14.2. Waiter, seller
15. Consumer
15.1. Is a person who buys or uses goods or services
15.2. I went to the restaurant for dinner, so I am consumer.
16. Producer
16.1. Is a maker of goods or a provider of services.
16.2. The CEO of company, Apple company.
