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ECONOMICS Definitions Part-II ECONOMICS Definitions Part-II

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Old Tuesday, February 26, 2013
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Default 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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