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16 Cards in this Set
- Front
- Back
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Any factory that motivates a person to do something |
Incentive |
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Risk-taking behavior |
Entrepreneurship |
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Unlimited wants, limited resources |
Scarcity |
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Land, labor, capital, entrepreneurship |
Factors of Production |
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A system used to manage wants vs. needs |
Economy |
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Describing how things should be |
Positive economics |
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The value of the next best alternative |
Opportunity costs |
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Describing how things should be |
Normative Economics |
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A simple model of an economy that shows all the combinations of two goods that an economy can produce |
Production Possibilities free |
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Physical things produced for sale |
Goods |
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The study of how people use resources to meet their wants |
Economics |
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A measure of efficiency of production |
Productivity |
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Work done that someone will pay for |
Services |
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Exchange one benefit for another, better one |
Trade off |
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Tools, Machines and Buildings used to make things |
Capital
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A way to compare costs with benefits |
Cost-benefit analysis |
