Economics Key words #11-20

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a measure of the decrease in value of an assset over time

an economy where the government makes the crucial decsions, land and capital are state-owned and resources are allocated by directives

an economy in which both private and public sectors play an important role

a product which does not require resources to produce it, and therefore has no opportunity cost

the willingness and ability to buy a product

output per worker hour

an economy where consumers determine what is produced, resources are allocated by the price mechanism; land and capital are privately owned

a product which requires resources to produce it and therefore has an opportunity cost