484021
Descrição
FlashCards por Audrey Knuuttila, atualizado more than 1 year ago
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Criado por Audrey Knuuttila
quase 13 anos atrás
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| Questão | Responda |
| scarcity | not enough resources |
| Economics | study how people satisfy unlimited/competing wants w/ scarce resources |
| need | basic requirement for life |
| want | way of expressing a need |
| factors of production | resources required to produce |
| land | natural resources |
| capital | tools, equiptment, etc |
| financial capital | money for tools for production |
| labor | people will all their efforts, abilities and skills |
| entrepreneurs | risk-takers in search of profit |
| production | creating g/s |
| GDP | Gross Domestic Product $ value of final g/s made in country's borders |
| economic products | g/s that are useful, relatively scarce and transferable |
| good | item that is useful or satisfying |
| consumer good | intended for final use by individuals |
| capital goods | manufactured goods are used to produce other goods |
| service | work performed for someone |
| value | worth (dollars) |
| paradox of value | cheap necessities, expensive non-necessities |
| utility | capacity to be useful or satisfying |
| wealth | accumulated value of all belongings |
| market | b/s exchange products |
| factor markets | sell productive resources (labor!) |
| product markets | producers sell g/s |
| economic growth | nations output increases (must be larger than increasing pop & inflation) |
| productivity | output ------- input |
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