Economics Flashcard 1

Front

things purchased by consumers

Back

goods

Front

A person who purchases a good or service

Back

consumer

Front

The thing that you give up (the next best alternative) when you make a decision is known as

Back

Opportunity Cost

Front

Man-made resources used in the production process i.e. machines in a factory.

Back

Physical Capital

Front

Who was the writer for Wealth of Nations?

Back

Adam Smith

Front

Natural resources used in the production process i.e. coal, lumber oil

Back

Land

Front

Time and Effort used in the production process

Back

Labor

Front

Knowledge and skills used in the production process

Back

Human Capital

Front

Factor Payments

Back

income received for supplying the factors of production

Front

Goods are available
Paycheck will be there
Help if I need it

Back

Security