The opportunity cost of a good is
The time lost in finding it .
The quantity of other goods sacrificed to get another unit of that good .
The expenditure on the good
The loss of interest in using savings .
____ is used to produce more goods and service in the future .
Physical capital
Human capital
Natural capital
Social capital
If an economy is productively efficient :
Every one is wealthy
Resources are unemployed
More of one product can only be produced if less of another product is produced .
The distribution of income is equal
__________ is development that meets the needs of the present without compromising the ability of failure generations to meet their own needs .
Sustainable development
Economic development
Economic growth
Social development
______ refers to raising the standard of living and well being of people .
Macro economics
Micro economics
_______ refers to investments in financial instruments,like stocks and bonds or the funds that are used to buy financial instrument like stock and bonds .
Financial capital
Capital
_________ is the situation in which available resources or factors of production are finite whereas wants are infinite .
Scarcity
Distribution of income
Production
Capital formation
_________ refers to an increase in the capacity of an economy to produce goods and services compared from one period of time to another .
In a free market
Governments intervene
Governments plan production
Government interfere
Prices adjust to coincide scarcity and desires .
Economics is the study of
Production Technology
Consumption decisions
How society decides what ,how and for whom to produce
The best way to run society
