Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
| Term | Definition |
|---|---|
| Economics | Economics is a social science that studies how people with limited resources make choices based on their needs and wants |
| Economic resources | Economic resources are the factors or inputs used to produce and distribute goods, services, and wealth |
| Financial cost | The financial cost is the price of the thing item we choose to buy |
| Opportunity cost | The opportunity cost is all of the other things we could have bought or done with our resources but can't do now due to lack of resources |
| Rational choice | A rational choice is one where the expected gains outweigh the expected losses |
| Factors of production | The factors of production are the economic resources needed to produce the goods, services and wants |
| Land | Anything provided by nature and used to produce goods and services. The reward for land is lent |
| Labour | The people involved in producing a good or service. The reward for labour is wages |
| Capital | Physical items made by people and used in the production of goods or services. The reward for capital is interest |
| Enterprise | Enterprise is any attempt to start or do something new. Enterprise brings together land, labour, and capitol to produce a good or service. The reward for enterprise is profit |
| Supply | Supply is the quantity of a resource that is available at a given time or place |
Created by:
Ava White
Popular Economics sets