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9 Cards in this Set
- Front
- Back
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economic resources/factors of production
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Land, labor, capital, and entrepreneurship
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Equilibrium
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Means “at rest.” A market in which quantity demanded equals quantity supplied.
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Surplus
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Quantity supplied is greater than quantity demanded.
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Shortage
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Quantity demanded is greater than quantity supplied.
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Capitalism
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most/total private control over economy
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Socialism
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most/total government control over economy
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Unbalanced Economics Growth
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technology changes in only one sector of the economy at a time.
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Balanced Economics Growth
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technology changes in all sectors of the economy at once.
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why production possibility curve bowed out shape
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resources are usually not transferable on a one to one basis
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