key terms key terms for unit 1 2.0 / 5 based on 2 ratings ? EconomicsASAll boards Created by: ChelseaCreated on: 18-05-11 10:46 ECONOMY a system for the production and excahnge of goals and services to satisfy the want and needs of the population. 1 of 17 ECONOMIC PROBLEM unlimited wants of humans against the scarce resources that exists to meet those wants. 2 of 17 OPPORTUNITY COSTS the cost expressed in the terms of the next best alternative sacrificed. 3 of 17 POSITIVE STATEMENT something which you can prove but can be wrong. 4 of 17 NORMATIVE STATEMENT Opinion, which shoulds ought to happen. 5 of 17 MONETARY POLICY stimulating economy through interest rates. 6 of 17 LAND natural resources avaliable for production. 7 of 17 LABOUR our human input into the production process. 8 of 17 CAPITAL investment in goods that are used to produce other goods in the future. 9 of 17 ENTREPRENUER an individual who seeks to supply products as a market for a profit. 10 of 17 FREE GOODS goods which are not used up in consumption. 11 of 17 CONSUMERS want to make rational decision. 12 of 17 PRODUCERS want to charge as much a possible 13 of 17 PRIMARY extraction of natural sources. 14 of 17 SECONDARY production of goods in the economy. 15 of 17 TERTIARY services 16 of 17 QUARTERNARY reinforming information processing, research and development. 17 of 17
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