Term
| Two facts of life that contribute to scarcity |
|
Definition
1. Human wants are unlimited
2. resourses are limited |
|
|
Term
|
Definition
| anything used to produce or acquire a good or service. |
|
|
Term
|
Definition
| resources individuals have to acquire our wants. |
|
|
Term
|
Definition
| resources available to the nation to produce our goods and services. |
|
|
Term
|
Definition
1. Land
2. Labor
3. Captial |
|
|
Term
|
Definition
1. What- to produce and what quantity?
2. How - to produce. (method of production)
3. For whom- who gets the product. |
|
|
Term
|
Definition
| organizes and coordinates what how and who gets the products. |
|
|
Term
|
Definition
best level of output to produce.
MC=^TC/^Q or ^TVC/^Q |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
| What is the Optimal Output? |
|
Definition
|
|
Term
|
Definition
| Should I produce at all or shut down my business? |
|
|
Term
| Formula to know to produce |
|
Definition
|
|
Term
|
Definition
|
|
