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5 Cards in this Set
- Front
- Back
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what is the econmoic problem?
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1.scarcity
2.the condition that results from society not having enough resouces to produce all the things people wold like to have. |
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What are the fators of prduction?
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1.land
2.Labor 3.Capital 4.Enterpernuership |
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What are 2 types of goods?
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1.Capital Goods
2.Consumer Goods |
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What is gross domestic product? (GDP)
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The differnce between what the economy can and does produce.
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The study of economics...
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Helps people how a free enterprise economy makes the WHAT, HOW, and FOR WHOM decisons.
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