Intro. to Economics

the study of how individuals and societies make other goods and services

• Economics

• Factors of production

• Labor

• Capital

human effort toward producing goods and services

• land

• labor

• capital

• technology

previously manufactured goods used to make other goods and services

• land

• labor

• capital

• entrepenueriship

advance in knowledge leading to new and improved goods and services and better ways of producing them

• land

• labor

• capital

• technology

when individual take risks to develop new products and start new businesses in order to make profit

• land

• labor

• capital

• entrepenueriship

basic economic problem that results from a combination of limited resources.

• scarcity

• factors of production

• economics

• entrepreneurship

resources of land, labor, capital, and entrepreneurship used to produce goods and services

• economics

• intro to economics

• factors of production

• scarcity

natural resources and surface land and water

• land

• labor

• capital

• entrepreneurship

sacrificing one good or service to purchase or produce another.

• opportunity cost

• production possibilites curve

• hypothesis

• economic model

• trade off

value of the next best alternative that was chosen.

• hypothesis

• economic model

• production possibilities curve

• opportunity cost

• trade off