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20 Cards in this Set
- Front
- Back
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Human Capital
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Skills and knowledge gained by a worker through education/ experience.
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Entrepreneur
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Ambitiousness leader who combines land, labor, and capital to create and market new goods and services.
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Physical Capital (Capital Goods)
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All human made goods used to produce Goods and Services and buildings and tools.
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Factors of Productions.
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Land, Labor, and Capital.
(resources used to make goods and services.) |
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LAND :D
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Natural resources used to make goods and services.
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Labor.
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An effort people devote to a task for which they are paid for.
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Shortage
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Situation where goods and services are not available.
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Capital
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Human made resource to create goods and services.
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Economics
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The study of how people seek to satisfy wants and needs by making choices.
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Scarcity
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Limited Quantities of resources
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Natural Resources
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(used to create goods and services) Materials found in Nature. (Coal/Water/Forests)
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Trade-Off
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An alternative we sacrifice to make a decision
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Guns/Butter
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A phrase referring to the trade-offs that nations face whether to produce more or less consumer goods.
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Thinking at the Margin
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Deciding whether to do or to use, an additional unit of some resource.
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Opportunity Cost
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The most desirable alternative given up as a result of a decision.
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Law of increasing costs
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Law that states that as we shift factors of production from making goods and services to another, the cost of producing the second item increases
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Efficiency
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Using resources in such way as to maximize the production of goods and services.
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Underutilization
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using fewer resources than the economy is capable of using
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Productions Possibilities Fronter
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Line on a production possibilities graph that shows the maximum possible output.
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COST
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to an economist, the alternative that is given up because of a decision.
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