Scarcity
The condition that arises because wants exceed the ability of
resources to satisfy them
economics
the social science that studies the choices that individual businesses
governments and entire societies make as they cope with scarcity and
the incentives that influence and reconcile those choice
Macroeconomics
the study of the aggregate or total effects on the national economy
And the globlal economy of the choices that individuals businesses and
Governments make
Factors of production
The productive resources that are used to produce goods and
Services land labor capital and entrepreneurship
Land
The gifts of nature or natural resources that we use to produce goods and services
Labor
The work time and effort that people devote to producing goods
And services
Human capital
The knowledge and skill that people obtain from education on the job
Training and word experience