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Ch. 1. Sect. 1: "What is Economics?"

studies the entire economy, especially such topics as aggregate production, inflation, unemployment and business cycles
natural resources that exist without human intervention
price is determined by scarcity rather than usefulness
the use of science to develop new products and new methods for producing and distributing goods and services
activities done for others for a fee
human effort directed toward producing goods and services
land, labor capital, entrepreneurship, technology and time
occurs when a good or service is not being produced or offered in given situation
something we would like to have but is not necessary for survival
tangible items that people can buy
studies how individuals, families, businesses and societies use limited resources to fulfill their unlimited wants
when individuals take risks to develop new products and start new business in order to make profits
studies the parts of the economy, such as markets, prices, industries, demand and supply
basic requirement for survival
amount of output that results from a given level of inputs
previously manufactured goods used to make other goods and services
fundamental economic problem
technology innovations that enable organization to complete on the basis of time and speed