Profit, Risk-Taking, and Entrepreneurs a. What is one measure of the success of a business? b. What is an entrepreneur? List two characteristics of an entrepreneur.
Microeconomics Wednesday August 17 Week 1 notes: Intro to microeconomics Definitions: 1. Economics The study of the choices we make 2. Resources Inputs used to produce goods and services 3. Scarcity unlimited wants are greater than our resources Economics Why do we have to make choices We simply can’t do everything because of the scarcity of resources Resources There are 4 main inputs in Economics: Labor, Land, Capital, and Entrepreneurship 1. Labor (human beings) The 2 aspects of labor are quality and quantity. In regards to quantity, More people = More production Although, quality is the most important in regards to labor. The example referred to in class by Dr. Medc