Short Answer
115 Points
Economics
Study Guide
Terms to Know
- microeconomics
- macroeconomics
- capital good
- want versus need
- scarcity
- Four Basic Factors of Production
- land
- labor
- capital
- entreprenurship
- specialization
- division of labor
- opportunity cost
- opportunity benefit
- absolute advantage
- comparative advantage
- Three basic questions due to scarcity
- value
- paradox of value
- utility
- wealth
- production possibilities curve
- efficiency
- incentive
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