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Gross Domestic Product (GDP)
Is a countries total output.
the start of time
A surveyed location that is used to confirm elevation. Benchmarks are usually metal disks set into concrete or rock in the ground.
To Allocate means
to divide among or to distribute in shares.
the means to accomplish something.
Types of Societal Resources
Labor, Land, Capital, Entrepreneurship
We can never have all we want of every goods and service.
The environmental resource
The physical improvement resource
the person that combines that land, labor, and capital to start a new business.
Payment for land
Payment for labor
Payment for capital
Payment for entrepreneurship
tools, equipment, and buildings that are used to produce goods and services
people who work to produce goods and service
contest or drawing where an item is given to a winner
Inputs into production that are provided by nature
amount of money lost when choosing to do one action instead of another
how much something costs
limiting the amount of an item available
how much of something is available
The tools, equipment, and buildings that are used to produce goods and services