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Econ Chapter 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Econ Chapter 2 | Questions And Answers Latest {} A+ Graded | 100% Verified
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Econ Chapter 2 | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
factor payments - the income people receive for supplying factors of production, such as land, labor, or
capital
profit - total revenue minus total cost
standard of living - level of economic prosperity
innovation - An improvement of an existing technological product, system, or method of doing
something.
household - a person or group of people living in the same residence
firm - an organization that uses resources to produce a product, which it then sells
factor market - the arena of exchange in which firms purchase the factors of production from
households
product market - the arena of exchange in which households purchase goods and services from firms
self-interest - an individual's own personal gain
incentive - a reason for doing something; something that stimulates action
competition - the struggle between organisms to survive in a habitat with limited resources
invisible hand - A phrase coined by Adam Smith to describe the process that turns self-directed gain into
social and economic benefits for all
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