ECS1501-25-Y
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"Ceteris Paribus" means
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In every economic system, choices must be made because resources are ________ and wants are ________ .
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Economics involves scarcity, choice and opportunity cost.
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People in rich nations are not subject to the principle of opportunity cost.
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Choice is made in economics because resources are unlimited in supply.
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Individuals who are willing to take risks, bring resources together, develop new products and start new businesses are referred to as
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Without entrepreneurship, economic success cannot be guaranteed.
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The payment for entrepreneurship is
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Capital, as a factor of production, is created when
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Which of the following is not a factor of production?
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