N. Economics

Front

A system by which people in a society make decisions about how to use their resources to produce goods and services

Back

Economy

Front

The resources needed to create a good or service

Back

Factors of Production

Front

Which factor of production is: natural resources? Options: Land, Labor, Capital, Entrepreneurship

Back

Land

Front

Which factor of production is: the time, energy, knowledge, and skills of humans? Options: Land, Labor, Capital, Entrepreneurship

Back

Labor

Front

Which factor of production is: human innovation and initiative to combine land, labor, and capital in order to produce goods/services?

Back

Entrepreneurship

Front

Which factor of production is: anything produced in an economy used to produce other goods/services? Options: Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

Which term means: resources are limited compared to wants

Back

Scarcity

Front

The term that means 'the thing that is given up in order to get something else', also known as a tradeoff.

Back

Opportunity Cost

Front

A system in which decisions are made based on long-standing behaviors

Back

Traditional Economy

Front

A system in which the government makes economic decisions

Back

Command Economy