Create an account
all human goods that are used to produce other goods and services tools and buildings
ambitious leader who combines land labor and capital to create and market new goods and services
law of increasing cost
law that states that as we shift factors of production from making one good or service to another the cost of producing the second item increasing
economic system that relies on habit custom or rural to decide questions of productions
the concentration of the productive efforts of individuals and firms on a limited number of activities
a social and political philosophy based on the belief that democratic means should use to evenly distribute wealth throughout a society
political system characterized by a planned economy with all economic and political power resting in the hands of the central government
industry that requires a large capital investment and that produces items used in other industries
doctrine that states that government generally should not intervene in that marketplace
period of change in which an economy moves away from a centrally planned economy toward a market based system
the force that encourages people and organizations to improve their material well-being
a private organization that tries to persuade public officials to act or vote according to group members interests
gross domestic product
the total value of all final goods and services products in a partially economy
a shared goods or services for which it would take be inficent or impractical to make consumers pay
someone who will not choose to pay for a certain amount good and services but would get benefits
an economic side effect of a good services that generates benefits or cost to someone other that the person deciding
types of capital
1) Subordinate Notes and Debentures
2) Preferred Stock
3) Common Equity Capital/Total Assets
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