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Economics Section 1-2
Economics Section 1-2
15
Economics
11th Grade
02/04/2013

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Cards

Term
Non Durable
Definition
Durable or Non Durable

Shoes
Term
Durable
Definition
Durable or Non Durable

Refrigerator
Term
Non Durable
Definition
Durable or Non Durable

Clothing
Term
Non Durable
Definition
Durable or Non Durable

Notebook
Term
Service
Definition
Good or a Service

Haircut
Term
Service
Definition
Good or a Service

Shoveling Snow
Term
Good
Definition
Good or a Service

Book
Term
Service
Definition
Good or a Service

A physical
Term
Scarcity + Utility
Definition
Value equals
Term
Education
Training
Health Care
Definition
Ways to increase the productivity of Human Capital?
Term
Factor Markets
Definition
Where the factors of production are sold
Term
Product Markets
Definition
Where consumers buy goods and services
Term
Division of Labor
Definition
Breaking a task down to many components.
Term
Paradox of Value
Definition
Things that are essential for survival have a relatively low value compared with many non essential items.
Term
Economic Interdependence
Definition
Countries rely upon each other for goods, services, and raw materials. No country is self sufficient.
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