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Economics
Ch 5 What is the Economic Problem?
| Term | Definition |
|---|---|
| economic growth | an increase in the quality of goods and services a nation can produce |
| extensive growth | the production of more goods and services because business firms are using more land, labor, or financial capital |
| intensive growth | the production of more goods or services by using existing factors of production with greater efficiency |
| consumer goods / capital goods tradeoff | the allocation of limited resources to produce either consumer goods or capital goods |
| labor intensive | describes a business firm that uses a great deal of human labor relative to real capital |
| capital intensive | describes a business firm that uses more automated equipment than human labor |
| egalitarian fairness | a viewpoint maintaining that each person in the nation has a right to a part of the nation's wealth simply because he is a part of the human race |
| economic leveling | an equal distribution of the nation's income regardless of each person's ability to contribute to its pool of wealth |
| libertarian fairness | a viewpoint maintaining that the only economic right to which citizens are entitled is the right to own and use property free of gov't interference and that the accumulation of wealth is the sole responsibility of each individual |
| economic Darwinism | another name for the libertarian view of economic fairness allowing for a "survival of the fittest" in the accumulation of wealth |
| capital goods | items that are used to produce consumer goods; also called real capital |
| consumer goods | items that are purchased for personal use |
Created by:
winninghamp
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