Front

In economics, the value of the next best alternative is called _________.

Back

Opprotunity Cost

Front

In economics, resources are:

Back

Anything used to create something else

Front

Resources (a.k.a. the factors of production are)

Back

Land, Labor, Capital and Entrepreneurship

Front

Workers

Back

Labor

Front

What are the factors of production? Options: Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

Raw materials (i.e. cotton, oil...etc.) are classified as: Land, Labor, Capital, Entrepreneurship

Back

Land

Front

The people who bring all the factors together to create something are practicing

Back

Entrepreneurship

Front

What is the rivalry that develops among businesses selling similar products?

Back

competition

Front

Economy that uses custom to answer the basic economic questions.

Back

traditional economy

Front

Why is the U.S. economy not a pure market economy?

Back

there is limited government involvement