Flashcards - CSET Business - Economic Concepts

Flashcards - CSET Business - Economic Concepts
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capital goods
A capital good is a durable good that is used in the production of goods or services
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circular flow model
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc
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Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
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Exports
The term export means shipping in the goods and services out of the jurisdiction of a country
circular flow model
The circular flow of income or circular flow is a model of the economy in which the major exchanges are represented as flows of money, goods and services, etc
capital goods
A capital good is a durable good that is used in the production of goods or services
production possibilities curve
A production–possibility frontier or production possibility curve is a graphical representation of possible combination of two goods with constant resources and technology
economy
An economy is an area of the production, distribution, or trade, and consumption of goods and services by different agents in a given geographical location
law of increasing opportunity costs
In economics, the law of increasing costs is a principle that states that once all factors of production are at maximum output and efficiency, producing more will cost more than average

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