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8 Cards in this Set
- Front
- Back
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What is Capital? |
Any resource made by humans used to create other goods & services. |
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Purpose of production possibilities graph |
All the alternative ways to use the economy’s resources. |
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What makes an efficient economy? |
One that uses its resources to make the most goods and services. |
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Human and Physical Capital |
HC- Knowledge or skills a worker gains through education and experience. |
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Guns or butter decisions |
Decisions between spending money and resources on military and consumer goods. |
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What can be used to express opportunity cost? |
Production possibility graph |
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Factors of production |
(Land laboring capital) Resources used by entrepreneurs to make all goods and services. |
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Production possibilities frontier |
Shows maximum output for goods and services. |
