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Unit 1-1

Fundamentals (Set 1)

TermDefinition
Scarcity The "fundamental economic problem". There are limited resources to meet unlimited wants.
Factors of Production (Productive Resources) Land, Labor, Capital, Entreprenuership
Land Natural Resources used to make goods and services
Labor The effort of people devote to a task to produce a good or service
Physical Capital Human-made goods/tools used in the production of a good or service. (i.e. machines on an assembly line)
Human Capital Knowledge, skills, and experience of workers used in the production of a good or service.
Entreprenuers Leaders that decide how to combine land, labor, and capital to produce a good or service.
Opportunity Cost Most desirable alternative forgone (given up) when a decision is made.
"guns or butter" Used to describe the trade-offs a nation faces when they choose to allocate resources between military and consumer goods.
Allocate To distribute (resources or duties) for a particular purpose.
Production Possibilities Curve Graph that shows alternative ways you can use an economies resources.
Efficiency Using all of your available resources to maximize the production of goods and services.
Underutilization Using fewer resources and producing less than an economy is capable of. Shown as a point below the frontier on a production possibilities curve.
Frontier Line on production possibilities curve that represents an efficient use of resources
Economic Growth Shown on a production possibilities curve with a rightward shift.
"Thinking at the Margin" Deciding how much more or how much less to do.
Created by: croper1
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