10EC keywords
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Last updated over 1 year ago
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| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Factors of Production | arrow_right_alt | want/willingness to buy a product to a specific price. |
Demand | arrow_right_alt | the human effort (mental & physical) required to produce something. |
Labour | arrow_right_alt | limited availability of resources (ones that will run out eventually), not enough to satisfy all the wants. |
Economic Assumptions | arrow_right_alt | land, labour, capital, enterprise. |
Supply | arrow_right_alt | the number of goods/services firms are able & willing to supply at a range of prices. |
Scarcity | arrow_right_alt | the point at which the supply and demand curves cross/intersect |
Opportunity Cost | arrow_right_alt | can be defined as foundational beliefs held by economists, governments, and business organizations. |
Production Possibility Curve | arrow_right_alt | a curve that represents possible output if the factors of production are used efficiently. |
Equilibrium | arrow_right_alt | the cost of the next best alternative. |