Vocabulary
Decision Making
Resources
Economic Growth
ProductionPossibilitiesFrontier
100
How well a person lives as well as the type of lifestyle they can afford to have.
What is Standard of Living?
100
A decision you make based on the marginal benefit and marginal cost.
What is a Rational Decision?
100
Resources that are used in a a business or factory.
What are Productive Resources?
100
The skills, knowledge, and experience possessed by an individual or population.
What is Human capital?
100
Impossible production.
What is over production?
200
A positive reason for either doing or not doing a certain action.
What is Positive Incentive?
200
This is the benefit you receive after considering the cost of a decision.
What is Marginal Benefit?
200
The things that you can touch that are involved in the manufacturing process.
What are Capital Goods?
200
The three things a business invests in.
What is Equipment, Technology, and Education?
200
When production falls below full production.
What is Under production?
300
A negative reason for either doing or not doing a certain action.
What is Negative Incentive?
300
What you make when you have to decide between two or more things.
What is a Trade-off?
300
A specific form of labor that involves the risk-taking capabilities involved in running a business.
What is an Entrepreneur?
300
a new product is a ____
What is an invention?
300
When all resources are being used and not wasted.
What is Full production?
400
The devotion of resources to a specific task
What is specialization?
400
the cost of a trade-off.
What is Opportunity Cost?
400
All natural resources involved in the manufacturing process.
What is Land?
400
This leads to a higher standard of living.
What is investing in education?
400
When the full production line shifts up or to the right
What is economic growth?
500
Limiting the amount of a good or service that can be purchased.
What is Rationing?
500
This is what a decision costs after weighing the benefits.
What is Marginal Cost?
500
Human workers that are involved in a business.
What is Labor?
500
The more money you make, the higher your _______
What is Standard of Living?
500
When the full production line shifts down or to the left
What is economic decline?
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