Shared Flashcard Set

Details

goal 7
n\a
11
Economics
10th Grade
03/12/2010

Additional Economics Flashcards

 


 

Cards

Term
scarcity
Definition
unlimited wants with limited resources
Term
Entrepreneurship
Definition
making your own business, to make your own profit.
Term
human capital
Definition
the sum of peoples skills abilities and motivation.
Term
division of labor
Definition
The act of breaking down a job into small tasks performed by different workers.
Term
specialization
Definition
This is when people, business, regions or even countries concentrate on making what they can make better than anyone else.
Term
productivity
Definition
the measure of the amount of output produced by a given amount of input.
Term
marginal cost
Definition
The additional cost of producing the additional unit of the output.
Term
total revenue
Definition
The total number of units sold multiplied by the average price per unit.
Term
marginal revenue
Definition
The change in total revenue that results from selling one more unit of output.
Term
fixed cost
Definition
These cost are te same no matter how many units of a good are produced
Term
variable costs
Definition
There are expenses that change with the number of items produced
Supporting users have an ad free experience!