Chapter 13: The Costs of Production in Economics 52個詞語 tele0018預覽 ENVR-1301 CH 10 38個詞語 kileycospins預覽 The Market 14個詞語 lillie_lea1預覽 Final Review of Real Estate Valuation Concepts 251個詞語 ishim24預覽 Real Estate Practice (Chapter 5) Listing Presentations 21個詞語 cody_2462預...
Own and sell factors of production. Trade: allows specialization, good for nations, and allows individuals to consume outside of their individual possibilities curve. Comparative advantage is based on: oppurtunity costs GDP deflator base year: 100 Consumer Price Index: used to measure the quanity ...
When a person makes a choice that affects (i.e. imposed costs on) other people that are not accounted for in the market price What is the economic terminology for externalities Externalities are examples of market failures, in which the unregulated market does not lead to an efficient outcome...
- Mechanisation - increased use of machine - so a reduction in those employed in the primary sector. Give 3 reasons for the decline in secondary industry in the UK - Lower production costs abroad- Withdrawal of government support for traditionalindustries- Change in government policy - supporting...
real costs All of the resources used to produce a good or service. trade offs When you choose between two possible uses for a resource, giving up one alternative for another opportunity costs the value of time, money, goods, and services given up in an economic choice the number one altern...