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Book (Ch1 (economics (concepts (factors of production (types (land (what…

- - - - micro
        
        the choices that individuals and business make, the way these choices interact in markets, and the influence of governments
      - marco
        
        the study of the performance of the national and global economy
    - - factors of production
        
        types
        
        land
        
        what we use to produce goods
        
        labor
        
        work time and effort
        
        capital
        
        the tools, instruments, buildings etc that are used to produce goods
        
        entrepreneurship
        
        human resource that organizie the other factors of production
      - tradeoff
        
        giving up something to get another
      - rational choice
        
        compares costs and benefits and achieves the greatest benefit over cost
      - oppertunity cost
        
        the highest value alternative that must be given up to get it
      - marginal benefit