scarcity	the resources we use to produce goods and services are limited
sconomics	the study of choices when there is scarcity
factors of productions	the resources used to produce goods
natural resources	provided by nature
labour	human effort including both physical and mental effort
psysical capital	stock of equipment used to produce goods
human capital	the knowledge and skills acquired by a worker
macroeconomics	the study of nation's economy as a whole; focuses on the issues of inflation, unemployment and egrow
microeconomics	the study of the choices made by households, firms, government
why do we use macro?	informed business decisions, understand fluctuations, anderstand why economies grow
why do we use micro?	understand markets and predict changes, make personal-managerial decisions, evaluate public decision