Term
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Definition
| Something essential to survival |
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Term
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Definition
| Something you would like to have, but is not essential to survival |
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Term
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Definition
| Output per worker per period of time |
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Term
Factors of Production?
And rewards |
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Definition
Land- Rent
Labour- Wage
Capital- Rent
Enterprise- Profit |
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Term
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Definition
Primary- Raw material Extraction
Secondary- Manufacturing
Tertiary- Service Sector |
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Term
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Definition
| Resources are scarce but wants are infinite |
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Term
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Definition
| Next best alternative forgone when making a choice |
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Term
Define
-Tangible
-Intangible |
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Definition
Tangible - you can touch this good
Intangible - A service - you cannot touch it |
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Term
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Definition
| A place where buyers and sellers meet to exchange goods and services. Not necessarily physical. |
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Term
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Definition
| All resources allocated by private individuals or groups |
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