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10 Cards in this Set
- Front
- Back
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Nondurable Goods |
Generally last less than three years under normal usage. Examples: food, writing paper, and clothes |
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Land |
the “gifts of nature”. This includes fertile soil, mineral deposits, fields, climate, and anything else that can’t be produced by mankind. |
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Paradox of Value |
diamonds vs water. Water is a requirement, diamonds are a luxury. When something is scarce it doesn’t always mean it's a need. Diamonds are scarce but people need water. |
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Four Factors of Production |
1) Land 2) Capital - Goods & Financial 3) Labor 4) Entrepreneurs |
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Economic Products |
An activity carried out under the control and responsibility of an institutional unit that uses inputs of labour, capital, and goods and services to produce outputs of goods or services. |
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Wealth of a Nation |
accumulation of products/goods that are tangible, scarce, useful, and transferable. |
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Division of Labor |
takes place when work is arranged so that individual workers do fewer tasks than before. |
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Opportunity Cost |
what we give up in place of something else is the opportunity cost. |
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Production Possibilities Frontier |
A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, labor, etc.) |
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Capital Goods |
tools, equipment, machinery, and factories. |
