econmomics overview
Terms
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- What is capital
- any man made product that is used to create other goods ans services
- What are needs
- Some like food,air or shelter that are necessary for survival
- What are wants
- an item that we desire but that is not necessary for survival
- what is an incentive
- a prize or gift that helps people to do something positive for something
- What is scarity
-
limited resoureces to meet
unlimited wants - supply and demand
- when the cost of the activity are raised or the benefits have been reduced people do less of the activity
- out source
- external enterprise in a country other than the country where the customer is located 85% is dominated by Indian
- Budget Deficit
-
excess of budget any over revenues
over revenues, usually financed by
borrowing - budget supply(surplus)
-
budgetary revenues over
expenditures - Factors of production
-
natural human and capital resources
required to produce a good
or service - What is Labor
-
physical and mental efforts people
use to create goods - What is a Natural Resource
-
a resource that comes from the earth
timber - What is Productivity
- the out put of goods and services