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MacroEco Chap 1 pt2

Addition terms

QuestionAnswer
Entrepreneur a)Person operating a business b) Decides what goods and services to produce and how to produce them c) Puts own funds at risk; if wrong decision can lose money. d)50% new business fail in 4 yrs, but without entrepreneurs no economic progress
Invention Development of a NEW good or NEW process for makeing a good
Innovation Practical application of an invention (widespread use); includes any significant improvement in a good or in the means of producing a good. Time passes between appearance of an idea and it development for wide spread use (innovation).
Example of Invention versis Innovation Invention: Wright brother's self-propelled plane (1906) Innovation: DC-3 Douglas airplane (1936)used for intercity flights
Technology Processes a firm uses to produce good and services
Firm, company, or business Organization that produces a good or service. Most firms produce for profit but some are nonprofit (not making money) and ex. is universities and hospitals
Goods Tangible merchandise such as books and computers
Services Activities done for others like providing haircuts or giving investment advice.
Revenue Total amount of money received for selling a good or service. Calculate it by multiplying price per unit by no. of units sold.
Profit Profit = Revenue - Costs
Accounting profit Excludes those costs that firm does not pay for explicitly. (Excludes opportunity cost)
Economic profit Includes all costs (including opportunity cost). In book "profit" means economic profit!
Household All persons occupying a home. Households supplies labor and they demand goods and services.
Factors of productions or economic resources Used by firms to produce goods and services. Main factors are labor, capital, natural resources, land, entrepreneurial ability.
Capital Refers to financial capital or to physical capital. Financial capital - stocks and bonds issued by firms, bank accounts, holdings of money Economics use physical capital- manufactured goods used to produce other goods and services.
Examples of physical capital computers, factory building, machine tools, warehouses, and trucks etc.
Capital Stock Total amount of physical capital available in a country.
Human Capital Accumulated training and skills that workers possess.
Created by: ace100
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