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ECONOMICS Definitions Part-II
Rent: The payment that resource owners receive for the use of their land.
Wages: The payment that resource owners receive for the use of their labour. Interest: The payment that resource owners receive for the use of their capital. Profit: The payment that resource owners receive for their entrepreneurial ability. Good: A tangible item that is used to satisfy human wants. Service: An activity that is used to satisfy human wants. Scarcity: When the amount that people desire exceeds the amount available at a given price. Market: A set of arrangements through which buyers ann sellers carry out exchange at mutually agreeable terms. Resource Market: A market in which resources are bought and sold. Product Market: A market in which a good or service is bought and sold. |
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inayatali (Monday, April 15, 2013) |
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