Econ Chap 1

Last update by gomezr on 02/02/2012
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when does economic growth occur?

Answer:
when a nations total output of goods and services increases over time.

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    factors of production perfom tasks that they can do better than others
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    how can the government, businesses and individualsinvest in human captial?

    gov- by helping to provide education and healthcare
    buss- invest in training, and other programs that improve the skill and motivation of its workers
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    how doesa societyinvest in the future?
    by investing in human capital, physical capital, that eventually increaes production, and economic growth which increases the amount of goods and services available to us.
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    what is economic interdependence?
    rely on others, others rely on us, to provide goods and services that we consume
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    what is oppurtunity cost?
    the cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
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