Economic Concepts Flashcards

Front

Absolute Advantage

Back

Ability to produce more of a good

Front

Comparative Advantage

Back

Efficiency in economic activity

Front

Capital

Back

Equipment and structures for production

Front

Command Economy

Back

Government owns resources and controls activities

Front

Economics

Back

Study of resource management

Front

Entrepreneurship

Back

Organizing and operating a business

Front

European Union

Back

Association of European countries with free trade

Front

Exchange Rates

Back

Value of one currency against another

Front

Factors of Production

Back

Inputs for producing goods and services

Front

Globalization

Back

Economic trade beyond borders