Money , Fabric , Air , Wood , Coal , Gas , Oil , Food.
What is a Resource ?
100
Opportunity cost.
What Does Production Possibilities Frontiers Show?
100
A desicion in which the marginal benifits is greater than the marginal cost .
What is Rational Desicion Making ?
200
Positive outcome for what you did , or didn't do.
What is positive incentive?
200
Capital , Entrepreneur , Land , Labor.
What is an Productive Recourse ?
200
Points inside / or under full production.
What is an under production?
200
The benifit a person receives after considering the cost .
What is Marginal cost
300
Negative outcome of what you did , or didn't do.
What is an Negative Outcome ?
300
Things that you can touch that are involved in the manufacturing process .
What is an Capital Good?
300
Make More than the resources you have.
What is Over Production?
300
The cost of a desicion after weighing the benifit .
What is Marginal Cost ?
400
Trees , Land , Air.
What is Not Very Scarces Resource ?
400
Exist where an agent can expect some form of material reward – especially money – in exchange for acting in a particular way.
What is Financial incentives ?
400
The property on which a production plant is built .
What is Land ?
500
You can only purchase so much of scarce goods , at a time .
What is Rationing ?
500
As curiosity, mental or physical exercise, admiration, fear, anger, pain, joy, or the pursuit of truth, or the control over things in the world or people or oneself.
What is Natural Incentives ?
500
Contribution of human workers to the production process.
What is Labor ?
500
Your full production is lowered / less resources .
What is Economic Decline ?
500
Splitting of work into smaller , more mangeable tasks.