Factors of Production
The Basics
Choose Wisely
What's the Damage?
100
This is paid effort that people devote to a task.
What is labor?
100
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?
100
A person deciding between four different courses of action has this many choices.
What is one?
100
Obtaining any resource will incur both of these two types of costs.
What are accounting (dollar) costs and opportunity costs.
200
This term describes human-made goods which are used in the production of other goods.
What is capital?
200
An item that is necessary for survival.
What is a need?
200
All the actions not taken when a choice is made are given this name.
What are trade-offs?
200
This is the amount that a consumer pays for a good or service.
What is the price?
300
A person who invents and sells the rights to manufacture a computer game is embodying this fourth factor of production.
What is entrepreneurship?
300
An item that is desired, but not strictly required for survival.
What is a want?
300
This term describes the next most desirable course of action after the choice a person makes.
What is opportunity cost?
300
This is the amount a seller pays to produce a good or provide a service.
What is the cost?
400
This term encompasses all naturally-occurring resources that are used in the production of goods and services.
What is land?
400
All goods and services are scarce because they depend on these scarce materials for production.
What are resources?
400
These are all the courses of action that one has to choose from.
What are alternatives?
400
The sum of all marginal costs for a particular course of action.
What is the total cost?
500
In recent years, some economists have begun identifying this as a fifth factor of production.
What is technology?
500
All economic decisions are described by this single word.
What is "rational"?
500
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"?
500
This term is used to describe the loss in value of a capital asset over time.
What is depreciation?