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13 Cards in this Set
- Front
- Back
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economic problem |
how to allocate scarce resources among alternative uses |
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scarcity
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a situation when people have unlimited wants in the face of limited resources |
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factors of production |
resources used in the production process; inputs into production, particularly including capital, entrepreneurship, land and labour (CELL) |
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land |
natural resources used in the production process |
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labour |
human resources |
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capital or capital good |
man-made (or produced) goods, used to make other goods and services
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entrepreneurship |
the skill of organising factors of production and the willingness to bear risk |
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renewable resources |
natural resources that can be replenished, such as forests that can be replanted, or solar energy that doesn't get used up |
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non-renewable resources |
natural resources that, once they have been used, cannot be replenished, such as coal or oil |
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sustainable development |
development which meets the needs of the present without compromising the ability of future generations to meet their own needs. |
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economic agents
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decision makers in the economy: households, firms and government
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firm |
an organisation that brings together factors of production in order to produce output |
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consumer good
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good for final consumption by households. Can be either single use or durable.
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