Economics 2

Front 1

absolute advantage

Back 1

The ability to produce the same quantitiy of a good or service using fewer units of labor or inputs

Front 2

comparitive advantage

Back 2

the ability to produce a good or service at a lower opportunity cost compared to other producers

Front 3

consumption

Back 3

the use of goods and services for personal satisfaction

Front 4

consumption

Back 4

the use of goods and services for personal satisfaction

Front 5

division of labor

Back 5

the segregation of a resource into different specific tasks

Front 6

economic goods

Back 6

goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price

Front 7

efficiency

Back 7

the case in which a given level of inputs is used to produce the mazimum output possible.

Front 8

entreprenuership

Back 8

the factor of production involving human resource that perform the funtions of raising capital, organizing, managing, assembling other factors of production, and making basic business policy decisions. a risk taker.

Front 9

goods

Back 9

all things from which individuals derive satisfaction or happiness

Front 10

goods

Back 10

all things from which individuals derive satisfaction or happiness

Front 11

goods

Back 11

all things from which individuals derive satisfaction or happiness

Front 12

human capital

Back 12

the accumulated tranint and education of workers

Front 13

inefficient point

Back 13

any point below the production possibilities curve at which the use of resources is not generating the maximum possible output

Front 14

labor

Back 14

productive contributions of humans who work involves both mental and physical activities

Front 15

inefficient point

Back 15

any point below the production possibilities curve at which the use of resources is not generating the maximum possible output

Front 16

land

Back 16

the natural resources that are available from nature

Front 17

law of increasing relative coast

Back 17

the observation that the opportunity cost of additional units of a good generally increases as society attempts to produce more of that good. this accounts for the bowed-out shape of the PPC

Front 18

opportunity cost

Back 18

the highest valued, next best alternative that must be sacrificed to obtain something or to satisfy a want

Front 19

physical capital

Back 19

all manufactured resources that are used for production

Front 20

production

Back 20

any activity that results in the conversion of resources into products that can be used in consumption

Front 21

productions possibilty curve

Back 21

a curve representing all possibly combinations of total output that coul be produced assuming that there is a fixed amount of productive resources or a given quiality and the efficient use of those resources.

Front 22

scarcity

Back 22

a situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants

Front 23

services

Back 23

mental or physical labor or help purchased by consumers.

Front 24

specilization

Back 24

division of productive activities among persons and regions so that no one individual or one area is totally self sufficient.

Front 25

technology

Back 25

society's pool of applied knowledge concerning how goods and services can be produced