The Economic Problem: scarcity and Choices
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Created by:
kehernandez on July 20, 2007
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sources: *http://en.wikipedia.org/wiki/Capital
*http://www.tiscali.co.uk/reference/encyclopaedia/hutchinson/m0037989.html
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2 terms
Terms | Definitions |
|---|---|
 capital | it refers to already-produced durable goods available for use as a factor of production. |
| command economy | Economy planned and directed by government, where resources are allocated to factories by the state through central planning. This system is unresponsive to the needs and whims of consumers and to sudden changes in conditions (for example, crop failure or fluctuations in the world price of raw materials). |
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