Chapter 15 Flashcards
1
Q
Principal of Anticipation
A
2
Q
Principal of Balance
A
3
Q
Principal of Change
A
4
Q
Principal of Competition
A
5
Q
Principal of Conformity
A
6
Q
Principal of Contribution
A
7
Q
Principal of Externalities
A
8
Q
Four Agents of Production
A
9
Q
Highest and Best Use
A
10
Q
Increasing and Decreasing Returns
A
11
Q
Opportunity Cost
A
12
Q
Substitution
A
This principle states that the maximum value of a property is set by the cost of an equally worthy alternative property with the same design and utility.
13
Q
Supply and Demand
A
14
Q
Surplus Productivity
A
