Econ: Chp. 1 Word Scramble
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Question | Answer |
FACTORS OF PRODUCTION | LAND, LABOR, CAPITAL AND ENTREPRENEUR |
STUDY OF HOW PEOPLE TRY TO SATISFY UNLIMITED WANTS WITH LIMITED RESOURCES | ECONOMICS |
3 BASIC QUESTIONS OF ECON. | WHAT HOW WHOM |
TOOLS, EQUIPMENT OR FACTORIES USED IN THE PRODUCTION OF GOODS OR SERVICES | CAPITAL |
IN WHAT MARKET DOES THE CONSUMER SPEND THEIR INCOME? | PRODUCT MARKET |
OPPORTUNITY COST | THE COST OF THE NEXT BEST ALTERNATIVE |
MARKET WHERE GOODS/SERVICES ARE BEING SOLD | PRODUCT MARKET |
PARADOX OF VALUE | CONTRADICTION BETWEEN THE HIGH VALUE OF A NONESSENTIAL ITEM AND THE LOW VALUE OF AN ESSENTIAL ITEM |
Created by:
lkm22
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