Econ Finals Review 2024

Front

What is the concept of opportunity cost?

Back

The value of the next best alternative

Front

What does tradeoffs mean in economics?

Back

Choosing between different options

Front

What is the main focus of economics?

Back

Studying decisions

Front

WHAT IS LABOR?

Back

work people do for pay to produce good and services

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1C

Front

Back

Human Capital

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1C

Front

Iron Ore
Options: Land, Labor, Physical capital, Human capital, Entrepreneurship

Back

Land

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1C

Front

Money used to re-invest in a firm and further its business objectives

Back

Investment Capital

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1C

Front

Bill Gates is an example of...

Back

An Entrepreneur

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1C

Front

Entrepreneurs are...

Back

individuals who start a new business or bring a product to market.

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1C

Front

Capital refers to...

Back

the tools, equipment, and factories used in production of goods and services

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1C