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Naked Economics Chapter 1 Study Guide

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What is Economics?
Economic is the study of goods and services are produced, bought and sold, economics explains how do the people interact in the market to get what they really want or accomplish some of their different goals. Since economic is a drive force of human interaction studying it often reveals why people and government behave in particular ways. Anything that related in money is called economic.

There are two types of Economics:
Macroeconomics
 Microeconomics

Macroeconomics
• It refers to the group in economy, which the decisions deals with the aggregate behavior and such as changes. Macroeconomics examines economy-wide-phenomena like gross domestic product, natural income, and unemployment and price level.

Microeconomics …show more content…

In some case you can also take some bank loan or credit from someone.

Entrepreneur- it is a mind mentally ideas wherein the person have plenty of ideas due to some solution at the given problem.

Needs and Wants
1. Self- actualization
2. Self-esteem
3. Love/belonging
4. Safety
5. Physiological

• Self-actualization
- A person who achieve everything who has fully potential on himself and accept many challenges to get motivated such as talent, being in depended etc.
• Self-esteem
- The person is having confidents in achievement the goal, and wants people to recognize their name and in this case the people will respect them and idolize. Love / belonging
- People will always work hard for himself and most especially for their family
• Safety
-Security, health and some benefits
• Physiological
- The basic need of all human being such as water, food, shelter

What is Scarcity?
- Scare because there are only limited resources.

CHAPTER 2:
Market System

Three types of Market System:
1. Market Economy
2. Command or Planned Economy
3. Mixed

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