Nature of economics refers to whether economics is a science or art or both, and…

Production is undertaken by firms, also known as enterprises, or businesses. There are three stages of production:…

Introduction Definitions and Basics ●      How to build your first budget, at MSN.com. ●      Angelica Trummell, 22,…

Introduction Definitions and Basics ●      Technology, at Dictionary.com ●      Technology: ○    1. the branch of knowledge that deals…

Production involves the creation of goods and services by using scarce resources. Producers must exchange…

Introduction Definitions and Basics ●      Consumer, from Answers.com ●      Consumer: ●      1. One that consumes, especially one that…

Introduction ●      A producer is someone who creates and supplies goods or services. Producers combine labor…

Introduction ●      An entrepreneur is someone who starts up a business. It could be anything from…

Introduction Definitions and Basics ●      Interest, from the Concise Encyclopedia of Economics ●      Interest is the price people…

Introduction Definitions and Basics ●      Credit, from Dictionary.com ●      Definition: credit: ○    5. confidence in a purchaser's ability…