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Economics
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It is the social science that studies how an individual, business, or government makes a decision given a limited number of choices.
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Specialization
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When an individual business, or country focuses its resources on producing a few goods or services and expects to trade for another goods or services that they want.
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Goods
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This is tangible objects that an individual may want or need
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Production
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The creation or manufacture of goods and services for sale with exchange value
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Distribution
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The "Place" is the step in the production process that brings the goods and service to those who make them to those that use them
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Consumption
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It is the act of acquiring goods or services for direct use or ownership rather than for resale or in production and manufacturing
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Services
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This is the actions of people value and which are intangible. A service is the non-material equivalent of an economic good
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Microeconomics
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It is the study of how individuals, households, and businesses make choices about the production, allocation, and consumption of scarce resources. In particular, it focuses on how an individual or firm makes a decision given limited resources.
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Macroeconomics
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It is the study of the economy as a whole. It includes national, regional, or global economies.
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Adam Smith
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He is the "Father of economics." He wrought the wealth of nations.
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Land
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Also all the natural resources. For example, it includes naturally occurring resources like water, air, soil, minerals, flora and fauna, which are used to create products.
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Labor
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Represents the human effort used in the production process. It also includes technical and marketing expertise—for example, farmers hired by a landowner, workers hired by a factory owner, chefs hired by a restaurant owner, engineers hired by a computer company, or doctors and nurses hired by a hospital are all called laborers. Their payment or income is called a wage
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Capital
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This refers to already-produced durable goods used to produce other goods or services.
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Entrepreneurship
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They accept the risk of organizing resources to produce goods and services, and they expect to earn profit
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Wage
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Payment or income
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Capital gain
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which is the difference between what you pay for an investment and how much you sell it for. For instance, if you buy a product at $10 and sell it for $15, it results in a $5 capital gain.
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The invisible hand
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It is used to describe the self-regulating nature of the marketplace. Smith claimed that by pursuing their own interests, individuals frequently provide unintentional benefits to society more effectively than when they try to do so intentionally.
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Division of Labor
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refers to the specialization of work based on specific activities—breaking big tasks into many tiny components
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trade
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It's a commercial transaction involving the sale and purchase of a good, service or information
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