The Economic Problem: scarcity and Choices

2 terms by kehernandez 

Ready to study?
Start with Flashcards

Create a new folder

Advertisement Upgrade to remove ads

sources: *http://en.wikipedia.org/wiki/Capital *http://www.tiscali.co.uk/reference/encyclopaedia/hutchinson/m0037989.html

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).

Please allow access to your computer’s microphone to use Voice Recording.

Having trouble? Click here for help.

We can’t access your microphone!

Click the icon above to update your browser permissions above and try again

Example:

Reload the page to try again!

Reload

Press Cmd-0 to reset your zoom

Press Ctrl-0 to reset your zoom

It looks like your browser might be zoomed in or out. Your browser needs to be zoomed to a normal size to record audio.

Please upgrade Flash or install Chrome
to use Voice Recording.

For more help, see our troubleshooting page.

Your microphone is muted

For help fixing this issue, see this FAQ.

Star this term

You can study starred terms together

NEW! Voice Recording

Create Set