Econ 1 - Ch 1-4 Flash List

Econ 1 - Ch 1-4 Flash List - CH 1 factors of prodution...

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Sheet1 CH 1 factors of prodution land, labor, capital, entrepreneurship human capital knowledge/skill obtained from education, training and experience financial capital money, stocks, and bonds capital tools, instruments, machines, and buildings services of factors of production - land=rent, labor=wages, capital=interest, entrepreneurship=profit guns and butter stand for any pair of goods talked about in a trade off big trade off tradeoff between equality and efficiency (tax rich and give to poor is econ =) margin deciding between the benefits and costs of two activities, etc in relation to each other marginal benefit the amount of benefit you receive from additional practice, funds, etc. marginal cost the cost of the thing you could be practicing, funding, etc. but aren't ceteris paribus where all other factors remain equal or constant fallacy of composition false statement of what is true of the parts is true of the whole post hoc fallacy error of thinking that the first event is the cause of the second event and not vice versa Ch 2
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Econ 1 - Ch 1-4 Flash List - CH 1 factors of prodution...

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