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What is Economics?

1Economics  _____ refers to all of the tools, factories, and equipment used in the production process
2Microeconomics  _____ condition that exist because there is not enough of something
3Macroeconomics _____ study of how individuals, etc choose to deal with the condition of scarcity.
4Scarcity  _____ study of how entire nations deal with scarcity.
5Land  _____ inclusive of all natural resource not just a random piece of property
6Labor  _____ the next best alternative use of a resource
7Capital  _____ to hold all other things constant
8Entrepreneurship  _____ creates buinesses in new ways to provide a good or service
9Opportunity cost  _____ people and their skills
10Marginal benefit  _____ the benefit of a decision
11Marginal cost  _____ primarily concerned with markets for goods, services, and resources.
12Ceteris paribus assumption  _____ what it cost to produce or consume one extra unit

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