Economics Concepts

Front

Factors of production

Back

Land, labor, capital

Front

What is an example of a Renewable resource?

Back

Ocean waves

Front

Measure of productivity

Back

Bushels of corn per acre

Front

Reason for tradeoffs

Back

Limited resources

Front

Law of diminishing marginal utility

Back

Less excitement for many toys than few.

Front

Three fundamental economic questions

Back

What to produce, how, and for whom.

Front

Full employment efficiency

Back

No unused productive resources.

Front

Best example of specialization

Back

Assistant replaces only zippers.

Front

Division of labor increases productivity

Back

Workers become experts at one task.

Front

Reasons for giving something up in a voluntary exchange

Back

To get something they want more