nature of economics

• flow of money from producers to workers as wages/salaries and vice versa

  circular flow
• circular flow of goods and services

  counter clockwise
• circular flow of income

  clockwise
• greek term for "household management"

  oikonomia
• basic residential unit

  household
• social science that deals in the study of society as how people behave the endeavor to fulfill wants and needs

  decisions-making
• according to ----- proper allocation and efficient use of available resources for maximum satisfaction of human wants

  fajardo
• according to ----- is the study of how societies use scarce resources to produce valuable commodities and distribute them among people.

  Samuelson
• company/business that seeks to make a profit by manufacturing or selling products or services to consumers.

  Firm
• three types of firm

  Sole proprietorship, partnership, corporation
• number of buyers and sellers in an area or region under consideration engaged in economic transaction.

  market
• four types of market

  monopoly, oligopoly, perfect competition, monopolistic competition
• economic resources are also know as ----

  factors of production , inputs
• 4 types of economic resources

  land, labor, capital, entrepreneurship
• the raw materials in productions

  land
• the human resource and refers to all human effort, be it mental or physical.

  labor
• physical assets in producing goods

  capital
• process of developing, organizing, and running a new business to generate profit while taking on financial risk.

  entrepreneurship
• the coordinator of the factors of production. utilizes initiative, talent, and resourcefulness in production of goods and services.

  entrepreneurship