resources Flashcards
how are scarce resources allocated
the price system
rationing - via vouchers
queuing system - first in first serf
free goods
goods so abundant that there is no price
economic goods
scarce goods that are allocated by the price system, rationing or queuing
what happens if goods are really scarce
the price rises
what are the resources
entrepreneurship
define land
raw materials supplied by nature
define labour
human resources/effort
define capital
man made resources used to asset production
define entrepreneurship
the person who takes the RISK of an organizing the other factors of production to achieve a profit from production.
what are the names for resources?
factors of production or inputs to production
what typs of production are there
goods
services
what type of goods are there
consumer goods
capital goods
what type of consumer goods are there
durable and non durable goods
define consumer goods
goods to assist consumers satisfaction for needs and wants.
renewable resources *
natural resources that will replenish
scarcity *
the economic term that describes the condition of limited resources relative to wants
payment for land
rent $$
payment for labeur
wages $$
payment for capitel
intrest $$
payment for entrepreneur
profit $$
what is a subsistence economy
Everybody works interdependently just to main their current living standards
There is no surplus produced.
what is independent
you rely on yourself for needs and wants you do not really on others.
what is specialization
individuals concentrate on one task to improve productivity and efficiency.
division of labour.
breaking down the production procees into small tasks
