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9 Cards in this Set
- Front
- Back
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Factors of production
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are the resocurces people have for producing goods and servisfy their wants.
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Capital
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is anythinng produced in an economy that is used to produce other goods and services.
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Consumption
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is the act of buying or using goods and services.
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Opportunity cost
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the highest v akued benefit given up when a choice is made
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scarcit
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which means that resources are always limited compared with the number and variety of want people have.
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quantiy
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or amount
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technology
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or the practical application of science to commerce or industry
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traditional ecomnmy
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the bic economic decisions are made according to long established patterns of behavior that are unlikely to change
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command economy
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the government or a central authority owns or controls the factors of production and makes the basic economic decisions.
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