Vocabulary
Productions Possibilities Frontier/Curve
Factors of Production
Vocabulary Pt. 2
100
Lamborghinis, Jordans, the IPhone XR, and the newest edition of your favorite 2K Game would all be categorized as:
What is Want(s)?
100
This is graph that represents various combinations of goods and/or services an economy can produce when all productive resources are fully employed.
What is the production possibilities frontier?
100
What are the 3 major factors of production?
What is Land, Labor, and Capital
100
Food, Water, and Shelter are examples of
What is Need(s)?
200
The cost of the next best alternative use of money, time, or resources when one choice is made rather than another.
What is Opportunity Cost?
200
Any point that is inside the production possibilities frontier
What is Underutilization?
200
Any human-made resource that is used to produce other goods and services
What is Physical and Human Capital?
200
We have a limited amount of resources and an unlimited amount of wants. Economists refer to the gap or tension between these two as ______
What is Scarcity?
300
These are the resources required to produce the things we would like to have. All are required if goods and services are to be produced. These 3 elements make up the factors of production:
What is Land, Labor and Capital?
300
The production possibilities curve shifts to the right when the economy ________________
What is Grows?
300
Governments invest in this by providing schools; businesses invest in this by providing training to individual employees.
What is Human Capital?
300
The study of how people seek to satisfy their own needs and wants by making decisions
What is Economics?
400
The extra cost of adding one unit
What is Marginal Cost?
400
What is the opportunity cost of moving from point A to point B?
What is 13 units of wheat?
400
Buildings, Equipment, Tools are all examples of ?
What is Physical Capital?
400
Leaving your job to go to a higher paying job is an example of ______
What is Trade Off?
500
Refers to all the natural resources used to produce goods and services
What is Land?
500
What is the opportunity cost of moving from point D to point E?
What is 20 Guns?
500
The effort people devote to tasks for which they are paid.
What is Labor?
500
Getting your nails done at the salon is an example of receiving a _____
What is Service?