Econ Vocab Flashcard #1 Review

Front

Study of how individuals/societies use scarce resources for unlimited wants/needs

Back

Economics

Front

Fundamental economic issue of unlimited wants vs. limited resources

Back

Problem of scarcity

Front

Options available before making a choice of one.

Back

Alternatives

Front

Sacrifice required by a decision or action

Back

Cost

Front

Value of the best alternative given up when making a decision

Back

Opportunity cost

Front

Economic saying: All decisions cost someone something.

Back

"There is no such thing as free lunch"

Front

Any unprocessed material from nature used to produce goods or services; aka, 'land.'

Back

Natural resource

Front

Any human activity in production; also known as 'labor.'

Back

Human Resource

Front

Man-made or processed item used to produce goods/services; also known as 'capital'.

Back

Capital Resource

Front

Productive resources for goods/services: land, labor, capital, entrepreneurship.

Back

Factors of production