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8 Cards in this Set
- Front
- Back
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economics
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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.
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economy
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an area in which people produce goods and services
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transfer earnings
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how much a factor of production could earn in its next best use, or its oppurtunity cost
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economic rent
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amount of money a factor earns over and above its transfer earnings, or its economic profit
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national wealth
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private wealth plus social (gov) wealth
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3 econ qs and how to answer them
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what to produce?
how to produce it? for whom? determined by the country's economic structure |
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underdeveloped economy causes
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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 |
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underdeveloped economy aid
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food, financial, technological
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