Review - Scarcity, Opportunity Cost, & Factors of Production

Front

The resources used to make all goods & services are called

Back

Factors of Production

Front

What is an Entrepreneur?

Back

A person who risks their own time and money to start a business

Front

Any technology/machinery involved in the production process:

Back

Physical Capital

Front

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

Back

Human Capital

Front

What is an economic want?

Back

Goods/services that people would like to have.

Front

Scarcity is defined as a limited supply of resources versus...

Back

unlimited wants/needs

Front

What are all societies forced to do because of scarcity?

Back

Make production decisions

Front

An action that one provides for someone else is a.... (hint: haircuts, counseling, or babysitting)

Back

Service

Front

A Trade-off is

Back

any/all alternative(s) that we sacrifice when we make a decision.

Front

What name is given to the value of the next best alternative that you give up when you make a decision? We have referred to this as the "cost of choosing."

Back

Opportunity cost