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1. What is the difference between microeconomics and macroeconomics?

2.  What is the difference between normative and positive statements?

3. What do we need to produce good and services for others?

4. What are the three economic questions every person must answer?

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1. Land/Natural Resources

These are free gifts that are given by nature.Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas. The income that resource owners earn in return for land resources is called rent.

2. Labor

This factor of production involves any kind of human input.If you have ever been paid for a job, you have contributed labor resources to the production of goods or services. The income earned by labor resources is called wages and is the largest source of income for most people.

3. Capital

Here capital refers to manufactured resources such as factories and machines.Some common examples of capital include hammers, forklifts, conveyer belts, computers, and delivery vans. The income earned by owners of capital resources is interest.

4. Entrepreneurship

An entrepreneur is someone who takes on risk and brings factors of production together. Entrepreneurs are a vital engine of economic growth helping to build some of the largest firms in the world as well as some of the small businesses in your neighborhood. The payment to entrepreneurship is profit.

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Four Factors of Production | Intelligent Economist

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These are free gifts that are given by nature.Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. These resources can be renewable, such as forests, or nonrenewable such as oil or natural gas. The income that resource owners earn in return for land resources is called rent.

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What is the difference between Economic Growth and Development? We will start by defining Economic growth and development. It is possible to have economic growth without economic development.

Economic growth in an economy is by an outward shift in its Production Possibility Curve (PPC). Another way to define growth is the increase in a country's total output or Gross Domestic Product (GDP). It is the increase in a country's output.

A country's economic development is usually indicated by an increase in citizens' quality of life. 'Quality of life' is often measured using the Human Development Index, which is an economic model that considers intrinsic personal factors not considered in economic growth, such as literacy rates, life expectancy and poverty rates.

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Economic Growth And Development | Intelligent Economist

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What is the difference between Economic Growth and Development? We will start by defining Economic growth and development. It is possible to have economic growth without economic development. Economic growth in an economy is by an outward shift in its Production Possibility Curve (PPC).

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04. Production possibility curves (Econ)

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What's the difference between positive analysis and normative analysis? What is the role of each? "Episode 5: Positive vs Normative" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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What's the difference between Microeconomics and Macroeconomics? "Episode 4: Micro vs Macro" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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What is a model/theory, and why do economists use them? "EPISODE 5A: Models and Theories" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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It may be of some comfort to know, in hard economic times, that the economy always moves in cycles. "(Macro) Episode 23: Business Cycles" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

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Honors Unit 1 Term Set 2 Five Economic Issues Flashcards | Quizlet

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Start studying Honors Unit 1 Term Set 2 Five Economic Issues. Learn vocabulary, terms, and more with flashcards, games, and other study tools.

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04. Production possibility curves (Econ)

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St. Louis Fed

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(1/3) The Production Possibilities Frontier – Economic Lowdown

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St. Louis Fed

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(2/3) The Production Possibilities Frontier – Economic Lowdown

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St. Louis Fed -

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(3/3) The Production Possibilities Frontier – Economic Lowdown