Economy: a social science that Studies how to allocate (take care) resources
BasicEP: scarcety of resources >people’s wants & needs .
1 decision has a cost = one problem (consecuence) Developed C :difficult to control
1) Land : everything that comes naturally without production, rentable. (non and ren)LEAST
2) Labor: skilled / non skilled . Salary, wage.
3) Capital:money + technology (machinery, etc). Interests.MOST IMPORTANT
4) Entreprener: invester. Profit.
Gdp:prod interno. Gross domestic product all the goods and services produced in acountry in a year (no imp q pais)
Gdp per capita: all the goods and services produced in a country in a year by a person.Problem : average not what earned si produce.
Real Gdp: gdp – inflationGnp: nacional. Gross national product. all the goods and services produced in all the world by companies from one country.( only developed)
Micro economy : one particular industry (todas las q producenlo mismo) or sector
Macro economy: hole economy.
Income: flow of Money that enters regularly
. self employment
Wealth: stock of possessions 3 types: personal(yours) social (hospitals.etc) or national (personal + social)
Production: must be something that you make and somebody wants to buy.
Productivity: production with efficiency (getting objective with lessresources)
Command or planned:
Low import and export/ no choice/ - technology/ just satisfy needs/ no consumption/ no freedom of speech/ natural monopolies
Private &public property/ social classes/ government>public services/ taxes& regulations/ inflation poverty/ unemployment
High import and export/ choice/ technology/ satisfy needs/ consumption/freedom of speech/ private property.
Merit: all the goods that are beneficial to the society
De-merit: “ that are no beneficial to the society
Specialization: divide work into tasks
By worker: each...
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