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8 Cards in this Set

  • Front
  • Back
how you can use scarce resources to make goods and services to satisfy as many wants and needs as possible, and attempts to increase people's choice.
an area in which people produce goods and services
transfer earnings
how much a factor of production could earn in its next best use, or its oppurtunity cost
economic rent
amount of money a factor earns over and above its transfer earnings, or its economic profit
national wealth
private wealth plus social (gov) wealth
3 econ qs and how to answer them
what to produce?
how to produce it?
for whom?

determined by the country's economic structure
underdeveloped economy causes
high population growth

dependence on agricultural products -->developed countries have the power to buy v. cheaply

poor infrastructure (transport and communication networks)

lack of capital
underdeveloped economy aid
food, financial, technological