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10 Cards in this Set
- Front
- Back
Threecore choices that confront every nation are:
|
What, How, & For Whom |
|
Scarcity- |
Lack of resources |
|
The Factors of Production are |
C.E.L.L. Capitol Entrepreneurship Land Labor |
|
Capitol- |
Final goods produced for use in production of other goods |
|
Entrepreneurship- |
Assembling of resources to producenew/improved products & tech
|
|
Economics- |
Studyof how best to allocate scarce resources among competing uses
|
|
Opportunity Cost- |
Mostdesired goods/services that are forgone to acquire other stuff
|
|
Efficiency |
Maximum output of goods from resources used in prodution |
|
Who wrote Wealth of Nations? |
Adam Smith |
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What is Adam Smith's "Invisible Hand" now known as? |
The Market Mechanism |