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Econ-Vocab 1-quiz
Term | Definition |
---|---|
Scarcity | the fundamental condition of economics that result from the combination of limited resources and unlimited |
Opportunity Cost | the value lost by rejecting one use of resources in favor of another. In other words, an actions opportunity cost is the value of the next best alternative action that isn't taken |
Trade-off | the sacrifice of one good in order to purchase another |
Marginal Cost | the cost of producing one additional unit of output |
Land (Natural Resource) | in economics, any material provided that can be used to produce goods or provide services |
Labor (Human Resource) | any human activity-physical or intellectual-used in the production process |
Capital (Capital Resource) | an item that is used in the production of other goods and services |
Entrepreneur | someone who undertakes and develops a new business enterprise or develops a new product, risking failure or less for the possibility of financial growth |
Production Possibilities Curve | graphic representation showing all of the possible combinations of two goods or services that can be produced in a stated period, assuming that the amount of available resources and technology will not change during the period, and that all of the natural |
Entrepreneurship | the organizational abilities and risk taking involved in started a new business or introducing a new product |