Econ Basics Vocab Review

Front

System managing limited resources for production, distribution, and consumption of goods and services

Back

economy

Front

Work done by someone else for which a consumer, business, or government is willing to pay

Back

Services

Front

Tools, machines, and buildings for producing goods/services are called capital.

Back

true

Front

Next best alternative value forgone due to a decision:

Back

opportunity cost

Front

Comparing costs and benefits of an action; if benefits exceed costs, the action is worth taking. What is this called?

Back

false

Front

Any factor that motivates a person is known as cost-benefit analysis.

Back

false

Front

Condition from limited resources & unlimited wants:

Back

scarcity

Front

Study of resource use to satisfy wants is called economy.

Back

false

Front

Physical objects:

Back

goods

Front

Land, labor, and capital:

Back

factors of production