Basic Economics

Entrepeneurship

•  people with all their abilities and efforts

• risk-taking individuals who introduce new products or services in search of profits

• the tools, equipment, machinery, and factories used in the production of goods and services.

• “gifts of nature,” or natural resources not created by people

• the tools, equipment, machinery, and factories used in the production of goods and services. 

• Capital

• Labor

• Land

• Entrepeneurship

What is point 2 illustrating?

• all resources are being used efficiently

• all resources are not being used efficiently

• the point is impossible to reach

• None of the resources were used

 is a simple way to show how much of two things a country or business can produce when they use all their resources efficiently.

• Resources

• Production Possiblities Curve

• Entrepeneurship

On a Production Possibility Curve (PPC) if there is a point INSIDE the curve, what does that mean? 

• all resources are NOT being used efficiently

• the amount of resources being used is inefficient and impossible to reach

• all resources ARE being used efficiently

The resources we use to produce goods and services are limited.

• Scarcity

• Non Durable Goods

• Durable Goods

• Capital Goods

______ Good-  is one that lasts three years or more when used on a regular basis. 

A consumer good is a good intended for final use by individuals.

• True

• False

• - The big picture: growth, employment, etc.

• - Choices made by large groups (like countries)

• microeconomics

• macroeconomics

• economics

• people with all their abilities and efforts; one of the four factors of production; does not include the entrepreneur

• land

• resources

• entrepeneurship

• labor