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20 Cards in this Set
- Front
- Back
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what is Scarcity
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the condition that arises because society does not have enough resiurces to produce all the things people would like to have
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what is land
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the gifts from nature: cattle,, whales, sunshine, ect.
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what are the three basic questions consumers ask?
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what to produce? How to produce? For whom to produce?
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what is a tradeoff?
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an alternative choice, when spening income or time
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What is an opportunity cost?
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the next best alternative
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People who use goods and services
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consumers
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things that are physically intangible
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services
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physically tangible items
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goods
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intended for use by individuals
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consumer goods
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quality of life based on ownershi[ of necessities & luxuries that make life easier
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standard of living
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process whereby workers perform on;y a single or a very few steps of a production task
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division of labor
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incorporation into production of new knowledge & processes
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technological change
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when savings are used to increase the econmy's productivity by finacing the construction of new factories
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investment in capital goods
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when an economic unit produces a narrower range of goods & services then it consumes
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specialization
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the degree to which productive resources are used efficiently
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productivity
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occurs when the health, education, & training of population are increased through the efforts of individuals, businesses or gov
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investment in human capital
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goods used to produce other goods
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capital goods
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Income Payments or Resource Payments
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payments for productive resources
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Factor Market
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market wehre the four factors of production are bought and sold in exchange for resource payments
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product market
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market where goods and services are bought and sold in exchange for money payments
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