
AP Macro Unit 1 Vocab #1
Flashcard
•
Social Studies
•
12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Marginal Analysis
Back
Making decisions based on increments
2.
FLASHCARD QUESTION
Front
Land
Back
All natural resources used to produce goods and services.
3.
FLASHCARD QUESTION
Front
Labor
Back
Any effort a person devotes to a task for which that person is paid.
4.
FLASHCARD QUESTION
Front
Human Capital
Back
Skills or knowledge gained by a worker through education and experience.
5.
FLASHCARD QUESTION
Front
Entrepreneurship
Back
Leaders that combine the other factors of production to create goods and services
6.
FLASHCARD QUESTION
Front
Scarcity
Back
The problem of having unlimited wants but limited resources
7.
FLASHCARD QUESTION
Front
Positive Statement
Back
Based on facts. Avoids value judgments (what is)
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