Intro To Economics
Factors of Production
Opportunity Costs
Production Possibilities
Miscellaneous
100
The fact that people have unlimited wants and limited resources is best defined as
Scarcity
100
Any resources that are made by humans, such as machines, and used to create other goods and services are called
capital
100
giving up one thing in order to gain another
Trade-off
100
This shows/illustrates the possible combinations of goods and services that can be produced by a single nation, firm or individual given the productive resources available
PPC Model
100
Physical, tangible (touchable) product
Good
200
The course where we study choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity.
Economics
200
natural resources not created by human effort that are used to produce goods and services
land
200
used by economists to measure the cost of decision-making; the value of what we give up
-Next best alternative use of money, time, or resources
Opportunity Cost
200
What is the cost from moving from point A to point b?
30 minutes of work
200
a non-tangible action or activity that is performed for someone else
service
300
Who does scarcity apply to
everyone
300
time and effort devoted to producing goods and services.
labor
300
analyzing the costs and benefits of incremental (small) decisions
Thinking at the margin
300
maximum production; using resources wisely is known as..
Efficient
300
a basic requirement for survival
need
400
A permanent economic problem that cannot be solved
Scarcity
400
skills, abilities, and specialized talents of people needed in a business
Human capital
400
the incremental cost of decision-making.
Marginal Cost
400
less than maximum production; using fewer resources than a person/economy/business is capable of is known as
Underutilization
400
not a basic requirement for survival; a means of expressing a need
Want
500
Explain an example of how time is scarce in your life.
"I never have enough time to do the things that I want to do."
500
business owners who organize the factors of production to bring stuff to the market
Entrepreneurs
500
the incremental benefit of decision-making.
Marginal Benefit
500
currently unreachable point of production
Only reached through an increase in resources
Unattainable Point
500
motivating factor to make a decision.
Incentive