the Basics

Front

This economic concept that nothing is truly free; everything has a cost.

Back

TINSTAAFL - There is no such thing as a free lunch

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

Front

The term "factors of production" means:

Back

resources or skills needed to produce goods or services

Front

A grocery store that runs out of peanut butter due to a strike at the Skippy plant is an example of a(n):

Back

shortage

Front

The human effort involved in the production of goods and services is known as:

Back

Labor

Front

The enterprising spirit that allows an individual to identify gaps in the market and take risks (including starting a business):

Back

Entrepreneurship

Front

All natural resources that go into the production of a good or service: Capital, Entrepreneurship, Land, Labor

Back

Land

Front

Anything human-made that might help during the production process making production more efficient

Back

Capital

Front

An individual's knowledge or skills that make production of a good/service more efficient

Back

Human Capital

Front

The difference between scarcity and shortage is:

Back

scarcity is naturally occurring, while shortage is human controlled.