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8 Cards in this Set
- Front
- Back
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economic good
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people want more of it even when the good is free
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free good
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more than enough available for everyone even if the good is free
ex. air |
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economic bad
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people are willing to pay to avoid the item
ex. garbage |
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goods that are used to produce other goods are called?
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economic resources
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what are the main economic resources groups?
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land, labor, capital, entrepreneurial ability
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how do people make choices when choosing alternative resources?
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people select the choices that make them happier
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positive analysis
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what is and has been happening in an economy as the base for any statements in the future
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is a positive statement always right?
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no. it can be right or wrong, it is checked by using facts
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