Unit 1 vocab flashcard

Front

Natural resources used to produce goods and services (e.g., oil, water, lumber).

Back

Land

Front

Unlimited wants, limited resources

Back

Scarcity

Front

A model showing how an economy can use scarce resources.

Back

PPC

Front

Steve Jobs, an ambitious risk-taker, is an example of an...

Back

Entrepreneur

Front

A plumber with years of training and experience is an example of...

Back

Human Capital

Front

In a command economy, who is in control?

Back

The government

Front

In a free enterprise economy, who is in control?

Back

The people

Front

If I choose a concert over studying or sleeping, then studying or sleeping is a...

Back

Opportunity cost

Front

A bulldozer is an example of

Back

physical capital