ECON A
Person who starts a new business or purchases an existing business.
Entreprenur
Economic resources a nation uses to make goods and supply services for its population.
Factors of Production
Objects such as food, clothing and furniture that can be bought
Goods
Things that are necessary for survival
Needs
Exists when there are not enough resources to satisfy human wants
Scarcity
A person who makes goods or a provider of services
Producer
All the tools, equipment, and machinery used to produce goods or provide services.
Capital
A person who buys or uses goods or services
Consumer
Work that one person does for another
Services
The human effort used to produce goods and services
Labor
Refers to all natural resources used to produce good and services
Land
The study of choice due to scarcity.
Economics
What are the four factors of production?
Land, Labor, Capital, Entrepreneur
Making decisions according to the best combination of costs and benefits
Economize
The benefit of satisfaction received from using a good or service
Utility
Incentives
A list of options.
Trade-off
The value of something that is given up to get something else that is wanted
Opportunity Cost
The alternative people give up when they make choices
Trade Off
An approach that weighs the benefits of an action against its cost
Cost benefit analysis
The additional cost of using one more unit of a product
Marginal Cost
The value of the next best option that was not selected
Opportunity Cost
The following term refers to water, forests, and all other natural resources used to produce goods and services (Hint: A Factor of Production)
Land
The additional satisfaction from using one more unit of a product
Marginal Benefit
Factories, bulldozers, and pencils are all examples of which Factor of Productions
Capital