Factors of Production
What are the 4 factors of production
Land, Labor, Capital, Entrepreneurship
Are things that are necessary for survival
needs
point on the curve show...
efficiency
Financial gain that a seller makes from a business transaction
Profit
How many players are on a baseball team?
9
Exists when there are not enough resources to satisfy human wants
Scarcity
Desires that can be satisfied by consuming a good or service
wants
Rule #2 of the PPC says that all resources are to be...
fully employed
A situation in which people concentrate their efforts in the activities that they do best & earning money in “jobs”
Specialization
How many holes are played in an average round of golf?
18
The plastic used to make the chair you are sitting in is which factor of production
Land
a person who buys or uses goods or services
consumer
points inside of the curve show...
inefficiency
Trade in which both traders believe that what they are getting is worth more than what they are giving up
Voluntary exchange
What’s the diameter of a basketball hoop in inches?
18 inches
all of the resources made and used by people to produce goods and services
Capital
The study of how individuals and societies satisfy their unlimited wants with limited resources
Economics
according to rule #3 how many things can be produced?
2
Tool that economists use to understand how market economies operate
Circular flow model
What type of race is the Tour de France?
Bicycle race.
innovators and risk-takers that try to anticipate the wants of the consumer and then satisfy those wants in new ways
Entrepreneurship
What does "there is no such thing as a free lunch" mean
there is some kind of cost associated with everything
What does PPF stand for
Production possibilities frontier
An economic system in which the government owns all the factors of production and there is little or no political freedom
Communism
What are the two states in the United States that have yet to send a team to the NCAA?
Alaska and Maine.