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Erstellt von Audrey Knuuttila
vor mehr als 10 Jahre
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Frage | Antworten |
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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