Factors of Production
The Basics
Choose Wisely
Frontier Life
This and That
100
This is paid effort that people devote to a task.
What is labor?
100
The term describes the principle that all resources are limited.
What is scarcity?
100
A person deciding between four different courses of action has this many choices.
What is one?
100
This term is used to describe an economy that is using its resources to make the greatest possible number of goods and services.
What is efficient?
100
These are the two types of capital.
What are physical and human?
200
This term describes human-made goods which are used in the production of other goods.
What is capital?
200
Water is an example of this type of good required for basic survival.
What is a need?
200
All the alternatives that given up when one course of action is chosen are given this name.
What are trade-offs?
200
This principle states that when an economy increases the production of one item, the opportunity cost per marginal unit goes up.
200
This phrase describes the decision that a government must make between spending money on a hospital or spending the same amount on border security.
What is "guns or butter"?
300
A person who runs a service that hires people to install sprinkler systems in lawns is embodying this fourth factor of production.
What is entrepreneurship?
300
These are the four universally accepted factors of production.
What are land, labor, capital, and entrepreneurship?
300
This term describes the next most desirable course of action after the choice a person makes.
What is opportunity cost?
300
This graphical representation shows the maximum amount that an economy can produce.
What is a production possibilities frontier?
300
A factory building is an example of this sub-factor of production.
What is physical capital?
400
This term encompasses all naturally-occurring resources that are used in the production of goods and services.
What is land?
400
This term describes items that people want or need and which provide utility.
What are goods?
400
These are all the courses of action that one has to choose from.
What are alternatives?
400
An economy that is producing at a point inside its production possibilities curve is said to be doing this with its resources.
What is underutilizing?
400
This term describes a situation in which producers cannot or will not offer a good or service at current prices.
What is a shortage?
500
An increase in a country's production possibilities because the available workers become more skilled at using a computer is an example of growth in this fifth factor of production.
What is technology?
500
This is the study of scarcity and its implications for the use of resources, the production of goods, and the provision of services.
What is Economics?
500
This type of decision-making is possible only when the available alternatives can be divided into increments.
What is a decision at the margin?
500
A production possibility curve that is moving outward indicates this positive economic trend.
What is growth?
500
A woodworker's apprenticeship to a master carpenter is an example of this sub-factor of production.
What is human capital?