chapter 1 Flashcards
why does scarcity exist
there are not sufficient resources to produce good and services
why will scarcity continue to be a problem in the future
———- will continue to ———-
what is the basic economic problem
the economic problem of not being able to satisfy everyone wants
arise because of what
scarcity
define opportunity cost
the next best ———- foregone when we ——- a choice
what are free goods
——- that does not require any ——— to ——— it does not have economic value and opportunity cost
define economic goods
good swich require ——- to make it it has —— and a ——–
what are the 4 factors of production
. land
labor
. capital
. enterprise
define land
it covers all the ——- ——- wich is used in ———-
what is a an economic factor of land
tourism
define factor of production
the ———– resources of land ——- ———- ——–
define labour
labour is all the ——- —— that involves in the ———— of good and services
define capital
capital the mannade ——— used inthe ———- of good and services
define enterprise
the willingness and ——- to —- —- and to ——- the other 3 ——- of——-
what is another word for capital goods
capital goods and producer goods
example of capital goods are
road
factories
office
tools
what is meant by occupationally mobile
capable of changing ——– example changing the ——-
what is meant by geographically immobile
——– of ——- from one location to another ——–
what are the factors effecting the mobility and immobility of labour
. difference in the price and avability of -------- . family ties . diffference in educational -------- . lack of information . --------- on the movement of workers
