lecture 28 Flashcards
1
Q
Define economic system
A
the institutions by which goods and services are created, distributed an utilized by people to fulfill some need or desire
2
Q
Define capital
A
a form of wealth used to sustain a business or create more wealth
3
Q
Define marginal cost
A
how much it costs to produce one more unit of a good or service
4
Q
define marginal benefit
A
profit made by producing one or more unit of a good or service
