ECONOMY
Divided into
MICROECONOMY
MACROECONOMY
is is
is
SOCIAL SCIENCE Study of choices made by individuals and companies
study
Study the performance of the national and global economy
Choices of individuals, business and governments
faces
SHORTAGE
Goods and services are produced
is
Inability to meet our needs Reward that encourages or punishment that discourages an action
Is faced by is
INCENTIVES
Depends of
CHOICE OF ALTERNATIVES AVAILABLE
determine
What?
How?
For whom?
Affected by change in
Marginal cost
Marginal benefit
is
is
Cost of increased in an activity
Benefit arising to increase an activity
Of the income people depends who obtained goods and services
Productive resources
Products and services change according to economic demand
are
Land
Work
Capital
given
Marginal Cost Marginal Benefit
Marginal Cost Marginal Benefit
Is more difficult to be carried out an activity
It is easy or probably undertake an activity
Economic,cultural, technological and political advance
Natural resources we use to produce goods and services
Physical and mental effort dedicated to produce goods and services
Entrepreneuria skills
Tools used to produce goods and services
Human resources that organizes the land, Work and capital.
interests
utilities
rewards rent
salary