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16 Cards in this Set

  • Front
  • Back

What are the factors of production?

Land, Capital, Labor, Entrepreneurs

How do economists define "opportunity cost"?

The value of the next best alternative given up

What is economics?

The study of how people try to satisfy seemingly unlimited and competing needs and wants through the careful use of relatively scarce resources

What is the basic condition of all resources and goods?


What is the paradox of value?

Some necessities, like water, have low monetary value while some non-necessities, like diamonds, have very high value

What are capital goods?

A tool or good that is used by businesses to produce other products

What does the production possibilities frontier illustrate?

All various combinations of goods and services an economy can produce when all resources are in use

What is specialization?

Factors of production perform only tasks they can do better or more efficiently than others

Where are finished goods sold?

Product market

What kind of goods are durable?

Products that last 3+ years when used on a regular basis

What goods are non durable?

Products that last less than 3 years when used on a regular basis

What is the difference between needs and wants?

A need is a basic requirement for survival

A want is something we would like to have but is not necessary

How does an economist define wealth?

The accumulation of products that are tangible, scarce, have utility, and are transferable.

What are the 3 questions every society must answer?

WHAT to produce, HOW to produce, and for WHOM to produce

What is productivity?

Measure of the amount of goods and services produced with a given amount of resources in a specific period of time

What is human capital?

The sum of peoples skills, abilities, health, knowledge, and motivation