Flashcards in Economics Deck (21):
Anything provided by provided by nature that helps to produce a product
What is the payment for land
Human effort required to produce a product/ service
Payment for wages
Anything made by humans that helps produce a good
Payment for capital
Name the factors of production
What is economics
It is the study of how we make the best possible use of the worlds scarce resources.
What does 'wrip' stand for
Is the amount of money that is paid for it
Is the item that must be done without having to make a choice between 2 or more actions.
Increase in the general level of the price of goods over a period of time
Total amount of goods and services produced in an economy in one year
Is the GNP less profits sent out of the country by foreign owned companies located in the country, plus the profits returned to the country by local firms based abroad.
Occurs when more goods are produced in a country one year that the previous year
Deposit interest retention tax
Name the types of current budgets
Balanced budget happens when..
The planned income equals the planned expenditure
Surplus budget happens when..
The planned income is greater then the exp.
Deficit budget happens when..
The planned exp. is greater than the planned income (gov. Use borrow money)