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More cards in this set
Card 16
Front
Anything you would like, irrespective of whether you have the resources to purchase it.
Back
Card 17
Front
The output of goods and services.
Back
Card 18
Front
The selection of appropriate alternatives.
Back
Card 19
Front
A situation where there are insufficient resources to meet all wants.
Back
Card 20
Front
The cost of the next best alternative, which is foregone when a choice is made.
Back
Card 21
Front
The concentration by a worker or workers, firm, or whole economy on a narrow range of goods and services.
Back
Card 22
Front
The process by which goods and services are traded.
Back
Card 23
Front
The specialisation of labour where production is broken down into separate tasks.
Back
Card 24
Front
A payment by a governing body to encourage the production or consumption of a product.
Back
Card 25
Front
Output, or production of a good or service, per worker.
Back
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