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