test study
test study
test study
test study
test study
100
What are Productive Resources?
Things which humans can put to productive use.
100
Explain division of labor
Division of labor is splitting of work into smaller, more manageable tasks
100
Explain standard of living
Standerd of living is how well a person lives and lifestyle
100
Capital Good v. Consumer Good
Capital good are the products produced and consumer good is what consumer buys
100
Marginal Cost v. Marginal Benefit
Marginal cost is what you must loose to gain a merginal benefit
200
Explain each of the (4) Factors of Production.
Capital, entrepruner, land, labor
200
Explain specialization
Specialization is the devotion of resources to a specific task
200
Explain Productivity and know how to find it
Productivity is how fast you produce goods. input over output
200
Define Scarcity
Scarcity the unlimited want from consumer
200
What are Rational Decisions
Rational Decisions are made affect you weigh out all the negative and positives
300
Define Economics
The study of how individuals, businesses, and nations can best allocate their limited resources.
300
Explain Voluntary Exchange
Voluntary Exchange when individuals and business freely choose to exchange goods, services, resources, and so forth for something else of value
300
Human Capital
human capital is the labor or workers
300
Why invest in education?
Investing in education means more money in future
300
Explain Why people use rational decision making model
To calculate or weighout cost and benefit
400
Explain Trade-Offs and Opportunity Costs
Trade off is giving up one option for another, Opportunity cost is value of alternative option thats lost when business makes decision
400
Explain production possibilities frontiers
Production possibilites frontiers is know as production
400
Financial Capital
Financial Capital the money put into business
400
What do businesses invest in?
Businesses invest in things like land labor or stock markets
400
Positive incentive v. negative incentive
Positive incentive- a good reason for doing a certain action Negative incentive- a bad reason for not doing a certain action
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