Details

Title: Basic economics 1000

Description: basic economics

Total Flash Cards: 10

Created: 09/26/2006 11:43:23

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Additional Economics Flashcards

Cards in this set:

Term
Economics
 Definition
allocates scarce resources, is a social science, determines production
Term
who are economic agents?
 Definition
consumers and producers
Term
wants vs. needs
 Definition
needs are limited and wants are unlimited
Term
what is land?
 Definition
natural resources (ores, forests, fisheries)
Term
what is labor?
 Definition
Human resources (mental or physical= skilled vs unskilled)
Term
what is capital?
 Definition
Man-made aid to production (equipment, machinery, buildings)
Term
what is human capital?
 Definition
education, training and experience
Term
what is Entrepreneurship?
 Definition
willingness to coordinate production and to bear risks
Term
what is scarcity
 Definition
not enough for everybody at a price of zero
Term
What is technology?
 Definition
Knowledge about how to produce, can be embedded in capit