Factors of production
Resources used to make all goods and services.
what is Factors of production
I am Opening a lemonade stand?
What is "What to produce"?
a country must decide whether to use its steel to build a fighter jet or new sports cars.
What is guns or butter?
The Most desirable alternative given up for the decision
What is Opportunity Cost
I am a farming just like my father and grandfather it is a tradition in my family
What is traditional economy?
Iron ore, Natural gas, fertile soil, water
What is Land?
I will set up an assembly line to produce computers, workers will have a specific task.
What is " How to produce"?
A company that makes baseball caps is underutilizing its resources
What is the company is producing fewer caps than it could be?
the cost added by producing one additional unit of a product or service.
What is Marginal Cost?
I received a letter today from the government telling me I need to report to their auto-making plants
What is a Command Economy?
A Taxi driver's knowledge of the city streets.
What is Human Capital?
I am selling hair growth products for people with no or thinning hair
What is " For whom to produce"?
A farmer has a bad crop yield
What is The production possibilities curve moves to the left?
exchange something of value, especially as part of a compromise.
What is a trade off?
I am starting a business, so I wrote to my congressman about my idea he said do whatever you want as long as it is safe for the community.
What is a mixed economy?
hiring workers and training them
What is an entrepreneurship ?
I want to start a new economy
What is the 3 basic questions: what to produce, how to produce, and for whom to produce?
Pigs are having a record high year in off springs
What is What moves the production possibilities curve to the right?
you sleep late instead of studying
Trade off?
Opportunity cost?
What is the Trade off is you are rested for the test, the opportunity cost you did not study?
I work in Singapore as an owner of a wet market, I sell fresh fish.
What is a free market economy?
Makes all the profit and takes all the risk in a business
What is an entrepreneurship ?
An entrepreneur wants to start a business with a product never seen before he has to
What is answer the 3 basic questions of an economy?
X is inside(left) the curve, Y is on the curve, Z is outside(Right) of the curve
What is x is underutilizing, Y is efficient, Z is impossible to produce
My grandfather gave me $500. for Christmas, I want a new video game system but i need a new cell phone. so I buy a new cell phone.
Opportunity cost?
Trade off?
What is opportunity cost is not having a new video game system and the trade off is can call someone in the case of an emergency?
Most world economies are what type pf economy
What is mixed Economy?