Factors of Production
This factor has to do with workers and employees.
Labor Resource
This means unlimited wants vs. limited resources.
Scarcity
This term means using resources to maximize production and minimize waist.
Efficiency
A specialist in the study of economics.
Economist
The study of people, choice, and scarcity.
Economics
This factor has to do with things like coal, oil, and forests.
Natural Resource or Land
Products bought by a consumer.
Service or Consumer good
New devices or ideas that help to increase production and lower costs.
Technology
!!!Daily Double!!!
Can bet up to 800.
A leader who combines the factors of production with an idea to create a good/service.
ALL the opportunities lost in a decision.
Trade-offs.
This factor has to do with money, machinery, and building equipment.
Capital Resource (money, buildings, equipment, machinery)
All products are thought to be..
a.)expensive
b.)rare
c.)scarce
d.)invaluable
scarce
This phrase has to do with producing military OR domestic goods.
Guns or Butter
The study of the small parts of a particular economy.
Microeconomics
The most desirable alternative lost in a decision.
Opportunity Cost
A part of the labor factor which includes employee knowledge, experience, and skills.
Human Resource
!!!Daily Double!!!
Can bet up to 1000
Any act which has value like a good or product.
The "line" on the PPC shows what?
Maximum production or efficiency
A system of distribution such as voting or performance-based is called what?
Allocation, Allocate
Specific jobs for specific workers to maximize efficiency.
Not Specialization
Division of labor.
Which resource is not a factor of production.
a.)Monthly Electricity Bill
b.)Welding experience
c.)Coal
d.)Machinery
a.)Monthly Electric Bill
Jimmy wants to go to buy a plane ticket, fly to Florida, go to Disneyland, and ride the roller coaster. He decides to go to drive to Chicago instead to see a Cubs game. What is Jimmy's opportunity cost?
A plane ticket.
The only thing that can move the Production Possibilities Curve outward is an increase in what?
resources or technology
An economic medium of exchange.
Money or currency
"Usefulness" of a good or service to a consumer such as a "Swiss Army knife."
utility