Econ Vocab

Front

Opportunity cost:

Back

Value of the next best option not chosen.

Front

Resources like tools, machinery, and money in production -

Back

Capital

Front

Jason chose to ride 4-wheelers with his son instead of working overtime. What is his opportunity cost?

Back

work overtime for his boss

Front

Going to a doctor for a physical is

Back

A service

Front

Economics

Back

Study of how people use limited resources.

Front

Characteristic of scarce resources?

Back

Desireable.

Front

NOT one of the three questions of economics: What to produce? How to produce? For whom to produce?

Back

When to produce?

Front

Scarcity:

Back

The problem of unlimited wants and limited resources.

Front

A mine worker is an example of which factor of production?

Back

Labor

Front

Value of next-best alternative in trade-off?

Back

Opportunity Cost