Promise made by a manufacturer or a seller to repair or replace a product within a certain time period if its found to be faulty.
Warranty.
Ch.4: Device used to make cashless purchases.
Debit card.
Land: Natural ResourcesLabor: Child-care workerCapital: Robots that help make lives easier
Factors of Production.
Value of the next best alternative given up for the alternative that was chosen.
Opportunity cost.
Condition of not being able to have all the goods and services one wants, because wants exceed what can be made from all available resources at any given time.
Scarcity.
Your parents would perform the same tasks that their parents performs.
Traditional economy.
Sacrificing one good or service to purchase or produce another.
Trade-off.
The price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy.
Equilibrium price.
What causes a change in supply?
The quantity supplied and price change.
Cuba & China because their government controls everything.
