click below
click below
Normal Size Small Size show me how
Econ: Chp. 1
Key Vocabulary for Chapter 1
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 |