Economics and Finance Final Exam Merge

Front

The basic economic problem all humans face?

Back

Human's wants and needs are infinite, while the resources needed to satisfy those wants and needs are limited and scarce.

Front

Economics

Back

the study of choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity

Front

What is physical capital?

Back

The tangible, human-made objects that a company buys or invests in and uses to produce goods. Plant, equipment, computers, desks, and vehicles

Front

What is financial capital?

Back

The monetary assets required for a business to provide goods and services. (MONEY)

Front

What is labor?

Back

Workers

Front

Land and Natural Resources?

Back

resources not created by human effort that are used to produce goods and services Examples: Wind, water, natural vegetation, solar energy, and animals, etc...

Front

Human Capital

Back

skills, abilities, and specialized talents of people. Examples: College, training, technical school, etc.

Front

What are all the factors of production?

Back

Land, Capital, Labor and Entrepreneurs

Front

Elon Musk

Back

Entrepreneur

Front

An automobile for an individual who works for Door Dash?

Back

Physical Capital