Land
Definition of land in economics
What is any resource that comes from nature?
Wage does this when there is an increase in education required by position
What is Increases?
Name something that would qualify as capital (hint: in the classroom)
What is the promethean
Under this type of economy entrepreneurship is at its lowest
What is Command Economy?
What graph best represents the factors of production?
What is the Production Possibilities Curve (PPC)
This industry requires a lot of land
What is Agriculture?
The labor market where there is only one firm hiring in the town/market?
What is Monopsony?
The direction that an increase in capital will shift the PPC curve
What is outward?
The having or not having of this factor of production makes startups harder to make
What is captital?
Firms/people have to make ______ because resources are scarce
What is Choices?
What is the main difference between the land factor and the capital factor?
What is land comes directly from nature and capital is man-made
The phenomenon that occurs when workers are increased past a certain point and marginal output decreases
What is Diminishing Returns?
What is the main reason a business buys capital items (computers etc)?
What is to increase efficiency?
This law/tenet of capitalist societies encourages entreprenuership and innovation
What is Private Ownership/Property Rights
A point inside the PPC is likely due to a(n) _____ use of _______
What is inefficient; resources
This is the specific term used for the economic return or payment made to the owners of the land factor of production.
What is rent?
The phenomenon where demand for labor is based of the demand of something else
What is Derived Demand?
What is it called when capital loses value?
What is Depreciation
This regulation can help entrepreneurs sell at reasonable prices while not making losses
What is a subsidy?
The study of the costs and benefits of doing a little bit more or less
What is Marginal Analysis
What is Tragedy of the commons?
This amendment to the constitution made slavery illegal except if you were incarcerated
What is the 13th Amendment?
This type of physical capital includes tangible assets you can physically touch and see on a factory floor, such as assembly lines etc.
What is physical capital
This phenomenon occurs when there are too many businesses doing the same thing with little differentiation
What is market saturation?
Name a current event that is relative to the factors of production
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