The most desirable alternative given up as the result of a decision
What is opportunity cost
100
All the alternatives that we give up whenever we choose one course of action over another.
What is a trade off or an opportunity cost
100
the study of how people seek to satisfy their needs and wants by making choices
What is economics
100
Another word that economists use to refer to all natural resources used to produce goods and services
What is land
100
resources
What is land
200
Ambitious leaders who decide how to combine land, labor and capital to create new goods and services
What is an entrepreneur
200
The graph you would use to show alternative ways to use an economy's productive resources
What is a production possibilities curve
200
physical objects, like shoes and shirts
What are goods
200
knowledge and skills a worker gains through education and experience
What is human capital
200
these tell us alot about the alternative ways to use an economy's productive resources
What is a graph or production possibility graph
300
The effort a person devotes to a task for which that person is paid
What is labor
300
This is using resources in such a way as to MAXIMIZE the production or output of goods and services.
What is effeciency
300
air, food, shelter, clothing...these are examples of...
What is a need
300
To an economist, the alternative that is given up because of a decision
What is cost or opportunity cost
300
This is what you want to be in business...it's one of our key terms
What is effecient
400
Human opjects used to create other goods and services
What is physical capital
400
Using fewer resources than the economy is capible of using
What is underutilization
400
actions or activities that one person performs for another.
What is a service
400
This could increase the efficiency of production
What is technology, immigration, bountiful harvests
400
Another word for the entrepreneur
What is the "BOSS"
500
This term implies limited quantities of resources to meet unlimited needs and wants.
What is scarcity
500
This law states that as production switches from one item to another ( for example, from shoes to watermelons ) more and more resources are necessary to increase production of the second item
What is the law of increasing costs
500
any human made resource that is used to create other goods and services
What is capital
500
The resources that are used to make all goods and services
What are the factors of productionf
500
The study of how people seek to satisfy their needs and wants by making choices