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  1. What is economics? Learn with flashcards, games, and more — for free.

  2. In economics, money is considered financial capital. It isn't technically considered capital because capital refers to a factor of production rather than money assets. Study with Quizlet and memorize flashcards containing terms like Economics is the study of, Microeconomics, Scarcity and more.

  3. resources. the inputs, to factors of production, used to produce goods and services that people want; resources consist of labor, capital, natural resources, and entrepreneurial ability. labor. the physical and mental effort used to produce goods and services.

  4. Land, labor, and capital; the three groups of resources that are used to make all goods and services

  5. major factors include, demand, supply, factor, pricing, product pricing, production consumption, etc. macroeconomics. the economy as a whole. Study with Quizlet and memorize flashcards containing terms like ECONOMICS, ECONOMICS, ECONOMICS and more.

  6. Land, labor, and capital; the three groups of resources that are used to make all goods and services. Basic Economic Questions. What, How, and For Whom to Produce. Study with Quizlet and memorize flashcards containing terms like scarcity, land, labor and more.

  7. economic resources such as factories and hospitals which are used to transform working capital into goods and services

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