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20 Cards in this Set

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