1 INTRODUCTION TO ECONOMICS AND ECONOMIC SYSTEMS

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INTRODUCTION TO ECONOMICS AND ECONOMIC SYSTEMS:

INTRODUCTION TO ECONOMICS AND ECONOMIC SYSTEMS

Terms::

Terms: Economics - a social science concerned with man's problem of using scarce resources to satisfy human wants Goods - anything that yields satisfaction to someone Economic resources - inputs used in the production of goods and services Economic good - a good which is both useful and scarce Land - natural resources Labor - human effort expended in production Capital- materials used in the production of goods and services including money Entrepreneur - organizes all other factors of production to be used in the creation of goods and services Essentials - goods which are used to satisfy the basic needs of man Luxury goods _c goods man can do without Opportunity costs _. C03t:~or benefits foregone in the alternative use of a resource Normative economics _. an analysis of economics, which deals with what should be

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