Economics 1.1

What is economics?

• The study of money

• The study of choices.

• How the Government functions

• The study of how to make money

Unlimited wants but limited resources is called?

• Economics

• Opportunity cost

• Opportunity benefit

• Scarcity

Opportunity Cost

• The next best thing you decided not to do

• All the things you could be doing

• The thing you chose to do

• scarcity

Benefits from the decision you made

• Opportunity Cost

• Scarcity

• Opportunity Benefit

• Economics

All of your options you could have been doing.

• Opportunity Cost

• Opportunity Benefit

• Trade off

• Trade on

4 Factors of Production: LAND is what?

• All natural resources that are used to produce goods and services.

• Any effort a person devotes to a task for which that person is paid.

• Physical Capital- Any human-made resource that is used to create other goods and services. 

  Human Capital- Any skills or knowledge gained by a worker through education and experience.

• Ambitious leaders that combine the other factors of production to create goods and services.

4 Factors of Production: LABOR is what?

• All natural resources that are used to produce goods and services.

• Any effort a person devotes to a task for which that person is paid.

• Physical Capital- Any human-made resource that is used to create other goods and services. 

  Human Capital- Any skills or knowledge gained by a worker through education and experience.

• Ambitious leaders that combine the other factors of production to create goods and services.

4 Factors of Production: CAPITAL is what?

• All natural resources that are used to produce goods and services.

• Any effort a person devotes to a task for which that person is paid.

• Physical Capital- Any human-made resource that is used to create other goods and services. 

  Human Capital- Any skills or knowledge gained by a worker through education and experience.

• Ambitious leaders that combine the other factors of production to create goods and services.

4 Factors of Production: Entrepreneurship is what?

• All natural resources that are used to produce goods and services.

• Any effort a person devotes to a task for which that person is paid.

• Physical Capital- Any human-made resource that is used to create other goods and services. 

  Human Capital- Any skills or knowledge gained by a worker through education and experience.

• Ambitious leaders that combine the other factors of production to create goods and services.

Explicit Cots is:

•  are the traditional out of pocket costs associated with making a decision.

• are the opportunity costs of making a decision,

• have no idea