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Economics 2 min read

Factors of production

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

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Economics 4 min read

Consumers

Introduction Definitions and Basics ●      Consumer, from Answers.com ●      Consumer: ●      1. One that consumes, especially one that acquires goods or services for…

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Economics 9 min read

Producers

Introduction ●      A producer is someone who creates and supplies goods or services. Producers combine labor and capital—called factor inputs or…

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Economics 11 min read

Entrepreneurs

Introduction ●      An entrepreneur is someone who starts up a business. It could be anything from making and selling jewelry on…

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Economics 5 min read

Compound Interest

Introduction Definitions and Basics ●      Interest, from the Concise Encyclopedia of Economics ●      Interest is the price people pay to have resources now…

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Economics 7 min read

Credit

Introduction Definitions and Basics ●      Credit, from Dictionary.com ●      Definition: credit: ○    5. confidence in a purchaser’s ability and intention to pay, displayed…

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