#macroeconomics notes

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The lower the real interest rate, the _____ the amount of investment.

greater

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the first page of my macro notes

[er-cryptid]

Introduction to Economics Vocabulary

Economics -- study of how people satisfy their needs and wants -- people must make choices

Scarcity -- there are limited amounts of goods and services -- people have unlimited wants

Factors of Production -- abbreviated FOPs -- resources used to make goods and services -- includes capital, labor, and land

Capital -- manmade resources -- used to produce goods and services

Physical Capital -- manmade objects

Human Capital -- knowledge and skill of a worker

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