claims that attempt to describe the world as is it, it is very descriptive
Normative Economics:
claims that attempts to prescribe now that world should be.
Scarcity vs. Shortage:
Scarcity: most fundeemental economic problem that all socities face
Shortage: a situation in which quantity demanded is greater that quantity supplied
Goods vs. Services:
Goods: can be bought or traded
- Consumer Goods: goods that intend for final use by thee intender
- Capital goods: items used in the creation of another good
- Land
- Labor
- Captial
- Entrepreneurship
Your missing a lot of information, but that's okay! 😄 I'm just going to refer you to jennifer foo's page because hers is really detailed so if you didn't understand something in class, I'm pretty sure you could catch it there👍👍
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