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Econ: Chp. 1

Key Vocabulary for Chapter 1

QuestionAnswer
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