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Econ
Final
Question | Answer |
---|---|
Scaricty | a condition ht results because wants are unlimited |
opportunity cost | value of the next best alternitive given up for the alternative that was chosen |
trade-offs | sacrifising one good/services to purchase a product |
factors of production | land, labor, capital, entrepenureship that are used to produce goods/services |
production possibilities curve | graph showing the maximum combinations of good and services that can be prodused from a fixed format of resources in a givin period time |
traditional economy | system of which econmic decisions are based on customs and beliefs that have been handed down |
command economy | system of which government controlls the factors and production and makes all decisions about their uses |
mixed economy | a system combing characteristics and more then 1 type or economy where both controll production |