Economics chapter 1 part 2

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Anonymous
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230249
Filename:
Economics chapter 1 part 2
Updated:
2013-08-17 11:41:07
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Economics chapter part
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Econ
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  1. Individuals initiative to take the risks to develop new products, services, or technology (Bill Gates, Henery Ford, Andrew Carriage)
    Entrepreneurship
  2. Cash resister, computer, cell phone, fax, railroads
    Technology
  3. Father of Economics
    Adam Smith
  4. The name of the book Adam Smith wrote
    Wealth of Nations
  5. When you let people do their own thing, within the law, and keep government out of business
    Capitalism
  6. What you give up to do something due to scarcity (a decision)
    Trade off
  7. The value of the next best alternative to what you decide upon (what you're giving up)
    Opportunity
  8. What you can produce with what you have
    Productivity
  9. A graph showing a trade off
    Production Possibilities Curve
  10. Predictor of the future economic activity
    Economist
  11. input =
    resources + capital goods
  12. output =
    productivity
  13. resources + capital goods =
    productivity

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