Factors of Production
This factor of production includes workers and their skills.
labor
The problem of unlimited wants but limited resources is called this.
scarcity
A car that people buy to drive is this type of good.
consumer good
An economy where individuals and businesses make decisions with little government control is this.
free market economy
Points on the PPC curve represent this.
efficiency
Machines, tools, and buildings are examples of this factor of production.
capital
Choosing to go to a movie instead of studying is an example of this economic concept.
opportunity cost
Steel used to build cars is this type of good.
capital good
When one producer controls an entire market, it is called this.
monopoly
A point inside the PPC curve represents this.
inefficiency
Natural resources like land, water, and minerals fall under this factor.
land
This is the type of good you buy when you are trying to save money
Inferior good
Food, clothing, and shelter are examples of these.
necessities
A mixed economy combines features of these two systems.
command and free market economies
A point outside the PPC curve represents this.
unattainable with current resources?
Coming up with a new business idea and taking risks to start it is this factor.
entrepreneurship
This is the usefulness or satisfaction you get from a good or service
Utility
This is the difference between a sandwich and a refridgerator in the type of goods that they are.
durable and nondurable goods
This country still follows a communist system today.
North Korea
Moving from one point to another on the PPC involves this
opportunity cost
If a farmer uses their land to grow crops which factors of production are being used?
All Four
This is the differance between someone living with comfort and wealth they want verses someone who doesnt have those things.
Standard of living
What type of economic system is the United States today?
Mixed Economy
If new technology is invented, the PPC curve will shift in this direction
Outward