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8 Cards in this Set
- Front
- Back
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factors of production
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any resource used in a production process
-labor -capital -land -entrepreneurship |
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labor
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the physical and intellectual effort of people engaged in producing goods and services
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capital
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manufactured goods used to make and market other goods and services
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human capital
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the knowledge and skills acquired by labor, principally through education and training
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land
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a natural-state resource such as real estate, grasses and forests and metals and minerals
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opportunity cost
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the quantity of other goods that must be given up to obtain a good
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law of increasing costs
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the opportunity cost of producing. a good increases as more of the good is produced. the law is based on the fact that not all resources are suited to the production of all goods and that the order of use of a resource in producing a good goes from the most productive resource unit to the least. blueberry pie with berries from a patch
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production possibilities
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the various combinations of goods that can be produced in an economy when it uses its available resources and technology efficiently
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