Economics 2301 Chapter 1

Front 1

Opportunity Cost

Back 1

The most desired goods or services that are forgone to obtain something else

Front 2

Capital

Back 2

Final goods produced for use in the production of the other goods, such as equipment and structures

Front 3

Factors of Production

Back 3

Resources inputs used to produce goods and service such as Land, Labor, Capital, and Entrepremeuships

Front 4

Scarcity

Back 4

Lack of enough resources to satisfy all desired uses of those resources

Front 5

Macroeconomics

Back 5

The study of aggregate economic behavior of the economy as a whole.

Front 6

Microeconomics

Back 6

The study of individual behavior in the economy of the components of the larger economy

Front 7

Law of Increasing Opportunity Costs

Back 7

We must give up ever-increasing quantities of other goods and services in order to get more of particular good