ECON 103 Study Guide - Comprehensive Final Exam Guide - Demand Curve, Marginal Revenue, Compact Cassette
20 Nov 2018
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Scarcity: fundamental concept of economics that indicates that there is less of a good freely available from nature than people would like. Land, labor, skills, natural resources, and capital are examples. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources. Why does everyone on earth, including governments, experience scarcity to some extent: governments can not supply citizens with enough goods or services. An automaker makes manual and automatic transmission vehicles to meet the demand of the consumer. How will it be produced: for the u. s. , workers must be efficient. Yes, trai(cid:374)s, pla(cid:374)es, tru(cid:272)ki(cid:374)g but people ulti(cid:373)ately de(cid:272)ide (cid:271)ased o(cid:374) ho(cid:449) (cid:373)u(cid:272)h (cid:373)o(cid:374)ey they ha(cid:448)e a(cid:374)d the produ(cid:272)er"s goal of profit. Land: all natural resources used to produce goods and services. All of the human effort used to produce goods and services. Capital: capital: when you think of capital, you probably think of money.
