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6 Cards in this Set
- Front
- Back
cost
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something that consumers resources
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what was mercantilism
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system based on 2 ideas:
-wealth was measured in gold/money -should export more than import (to get more gold) |
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Where does wealth actually come from?
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production and exchange
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what is the specie-flow mechanism?
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prices balance out
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What do you need to create specialization?
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-everyone needs to specialize
-property rights to create the incentive -freedom to exchange what you make. |
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does it make sense to do everything you can to find the perfect mate?
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generally no. opportunity cost: too much is lost if you focus all your efforts on doing so.
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