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Econ 101

In: Business and Management

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MODULE 1: 5/23 - 6/12

pg.23 10 Definitions

Capital: wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.

Economics: the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind.

Labor: productive activity, especially for the sake of economic gain.

Investment: the investing of money or capital in order to gain profitable returns, as interest, income, or appreciation in value.

Aggregate: formed by the conjunction or collection of particulars into a whole mass or sum; total; combined.

Macroeconomics: the branch of economics dealing with the broad and general aspects of an economy, as the relationship between the income and investments of a country as a whole.

Budget Line: A graphical depiction of the various combinations of two selected products that a consumer can afford at specified prices for the products given their particular income level.

Economic Growth: an increase in the amount of goods and services produced per head of the population over a period of time.

Economic Resources: the goods or services available to individuals and businesses used to produce valuable consumer products

Scientific Method: a method of research in which a problem is identified, relevant data are gathered, a hypothesis is formulated from these data, and the hypothesis is empirically tested.

pg.24 Study Questions

1. Emerson’s statement reflects the fundamental economic problem of attempting to satisfy unlimited wants with scarce economic resources.

2. Because an expenditure is not required for the buyer to obtain the “1 free” once she has already purchased the first two, it is free to the buyer. It is not free to society, however, because resources

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