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10 Cards in this Set
- Front
- Back
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What are the factors of production and how are they abused?
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Land, Labor,capital and Entrepreneurship - they are used to make all goods and services
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A phrase that refers to the trade-offs a country faces when choosing whether to produce more or less military or consumer goods
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guns or butter
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Limited quantities of resources to meet peoples unlimited wants is called
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scarcity
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The next best alternative use of time ,money or resources is called
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opportunity cost
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The tools used to create a good or accomplish a service are called
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Physical Capital
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A person that creates and starts a business is called
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an entrepreneur
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Something like air, food and water, things that people have to have to survive is called a
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need
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All physical objects are called
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goods
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Something that we desire but is not essential to survival is called a
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want
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Deciding to do or use one more additional unit of a resource is called
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thinking at the margin
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