Economics

• goods: Items you use every day that someone has to produce.
• Service: It is a helpful action people do for goods to be produced (land, labor, and captial).
• product: It is any item that is produced that can be sold, like in stores.
• factors of production: What people use to produce the goods/services. The resources used to produce goods/serices. Resrouces such as land, labor, and capital.servicesResources
• Land: Things we find in nature that can be used to make goods/services.
• labor: People who work at jobs that help produce goods and services.
• capital: Goods that are produced to make other goods (The tools, machines, and building use to produce goods/services).
• entrepreneur/entrepreneurship: A person who has ideas for making a new product and also thinks about losing or gaining profit (money).
• opportunity cost: What you missed out on and the good and bad of it.
• scarcity: When there isn't enough of that item, for everyone to have equally.
• Want: A desire to want something that you don't need (toys)
• Needs: The basic requirements for survival, such as food, water, and shelter.
• Incentive: Any factor that encourages or motivates a person to do something.
• trade-offs: The exchnage of one benefit or advantage for another that is thought to be better (because I chose option A I gave up going to option B).
• Cost-benefit analysis: A way to compare costs of an action with the benefits of that action
• Goods: Physical articles that have been produced for sale/use: food, clothing, and cars.
• For an economist, the cost of something is: what you gave up to get it.
• A budget is a plan used to help you manage your money by identifying your needs/wants.
• Fixed rates stay the same. Variable rates could change.
• Income: The amount of money a person receives.
• Expenses: Items you must pay for in a given time period (groceries, housing, and utilities).
• interest: is the charge for the privilege of borrowing money.
• Loan :A sum of money borrowed from a bank that is expected to be paid back plus interest
• FICO (credit Score): Payment history, debt owed, number of new credit lines.
• Make credit reports except: CitiBank
• Cash :What is the most liquid form of asset/property
• How often can get free credit report: Once a year
• Wealth: the total value of a person’s assets minus their liabilities and/or a person’s ability to maintain what they consider to be a comfortable lifestyle (It is all the expenses and money that is earned. It is having enough money to not be stressed about budgeting and can be able to not worry about money all the time.)