Economic Concepts Flashcards

Front

scarcity

Back

People's wants are unlimited

Front

Factors of production

Back

land, labor, and capital

Front

Entrepreneur

Back

Innovator, strategist, risk taker

Front

Reason for tradeoffs

Back

People want different things

Front

Opportunity cost of returning a library book

Back

Reading a different book

Front

Maximize utility

Back

Gain the most satisfaction

Front

Law of diminishing marginal utility

Back

Less excitement from new toys with many already owned