Fundamentals (Set 1)
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| Scarcity | The "fundamental economic problem". There are limited resources to meet unlimited wants.
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| Factors of Production (Productive Resources) | Land, Labor, Capital, Entreprenuership
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| Land | Natural Resources used to make goods and services
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| Labor | The effort of people devote to a task to produce a good or service
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| Physical Capital | Human-made goods/tools used in the production of a good or service. (i.e. machines on an assembly line)
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| Human Capital | Knowledge, skills, and experience of workers used in the production of a good or service.
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| Entreprenuers | Leaders that decide how to combine land, labor, and capital to produce a good or service.
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| Opportunity Cost | Most desirable alternative forgone (given up) when a decision is made.
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| "guns or butter" | Used to describe the trade-offs a nation faces when they choose to allocate resources between military and consumer goods.
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| Allocate | To distribute (resources or duties) for a particular purpose.
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| Production Possibilities Curve | Graph that shows alternative ways you can use an economies resources.
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| Efficiency | Using all of your available resources to maximize the production of goods and services.
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| 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.
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| Frontier | Line on production possibilities curve that represents an efficient use of resources
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| Economic Growth | Shown on a production possibilities curve with a rightward shift.
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| "Thinking at the Margin" | Deciding how much more or how much less to do.
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Or sort by any of the columns using the down arrow next to any column heading.
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Created by:
croper1
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