Econ study guide - bScarcity of Resources Lack of enough...

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bScarcity of Resources - Lack of enough resources to satisfy all desired uses of those resources Opportunity Cost - The most desired goods and services that are forgone in order to obtain something  else Factors of Production - resource inputs used to produce goods and services; eg. ..land, labor,  capital, entrepreneurship LAND (including natural resources) LABOR (number and skills of workers) CAPITAL (machinery, buildings, networks) ENTRE (skill creating products, services, and processes) Production Possibilities Curve - The alternate combinations of goods services that could be produced in  a given time period with all available resources and technology Economic Growth - An increase in output (real GDP): an expansion of production possibilities Market Mechanism - The use of market prices and sales to signal desired outputs (or resource  allocations) GDP(gross domestic product) - The total value of final goods and services produced within a nations  borders in a given time period Standard of Living - The average quality of life for a given region, concerning things like housing quality,  food, and hygiene. Market
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This test prep was uploaded on 04/07/2008 for the course MGMT 390 taught by Professor Green during the Spring '08 term at Wentworth Institute of Technology.

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Econ study guide - bScarcity of Resources Lack of enough...

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