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Terms in this set (26)
Extra cost of producing one additional unit of production.
The additional benefit resulting from a small increase in some activity
Earnings from work or investment
People who work to produce goods and services
Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
Companies regularly purchase raw materials and components for processing or assembly from other countries.
A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something
- the amount paid given or required to be paid or given, by tenant or behalf to landlord or landlord agent
An increase in owner's equity resulting from the operation of a business
Activities that are consumed at the same time they are produced
An amount of money paid to an employee at a specified rate per hour worked
Behavior by two or more individuals that leads to mutual benefit
An amount owed by a business; A debt; something disadvantageous
A business owned and managed by a single individual
mixed economic system
has characteristics of both capitalism and socialism
a system of production and exchange of goods and services as well as allocation of resources in society
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
An economic system in which the government controls a country's economy/socialism
An economic system based on private property and free enterprise.
Buildings, machines, technology, and tools needed to produce goods and services.
Goods or services purchased, leased, or rented primarily for personal, family, or household purposes, including courses of instruction or training regardless of the purpose for which they are taken
An increase in the total output of the economy; GDP (gross domestic product), Expansion of the economy to produce more goods, jobs, and wealth
A measure of how well or how productively resources are used to achieve a goal
law of increasing opportunity cost
as production of a good increases, the opportunity cost of producing an additional unit rises
production possibilities frontier or curve
a graph that shows alternative ways to use an economy's resources
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