ECON 101 Study Guide - Exogeny, Equation, Demand Curve
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ECON 101 Full Course Notes
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Barter, an economic system in which goods and services are traded directly for other goods and services. Command economy, an economy in which most economic decisions are made by a central planning authority. Consumption, the act of using goods or services to satisfy wants. Division of labour, the breaking up of a production process into a series of specialized tasks each done by a different worker. Economy, a system in which scarce resources are allocated among competing uses. Factors of production, resources used to produce goods and services; frequently divided into the basic categories of land labour and capital. Free-market economy, an economy in which most economic decisions are made by private households and firms. Goods, tangible commodities such as cars or shoes. Macroeconomics, the study of the determination of economic aggregates such as total output the price level employment and growth.
