Unit 1-1 Word Scramble
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| Term | Definition |
| 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. |
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croper1
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