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OG econ
| Question | Answer |
|---|---|
| Barter: | The direct exchange of goods or services between people. |
| Bond: | A financial promise foran investment issued by a corporation or government with regular interest payments and repayment at a later date. |
| Capital Resources: | The vphysical equipment used in the productin of goods and services. |
| Cartels: | A group of sellers acting together in the market. |
| Circular flow: | The movement of resources goods and services through an economy. As a diagram, it can show how households and business firms interact with each oyher in the product and resource markets. |
| Command economy: | A system in which decisions are made largely by an authority such as a feudal lord or government planning agency. |
| Comparative advantage: | Economic thery that a country/individual should sell goods and services which it can produce at relatively lower costs and buy goods and services which it can produce at relatively higher costs. |
| Competition: | The rivalry among people and/or business firms for resources and/or consumers. |
| Consumer: | One who buys or rents goods or services and uses them. |
| Consumer Price Index: | The price index most commonly used to measure the impact of changes in prices on households;this index is based |
Created by:
ramiro l
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