Honors Econ EOY Review

Front

The condition that results from society not having enough resources to produce all the things people would like to have

Back

Scarcity

Front

The term "land" means:

Back

The natural resources used to produce goods or services.

Front

Labor

Back

Work the people do to produce goods and services.

Front

Example of investment in human capital: trucks, factories, education, highways

Back

education

Front

Which activity is an example of investing in physical capital by a company?

Back

constructing a new factory

Front

Entrepreneur

Back

A person who starts a new business.

Front

Iron, minerals, coal, and plants are examples of which productive resource?

Back

land

Front

Factors of production

Back

things or skills needed to produce goods or services

Front

A garbage truck driver is an example of which Factor of Production? Options: labor, land, entrepreneurship, capital

Back

labor

Front

A company can use its current resources to produce hats and boots as shown in this production possibilities curve. Which movement represents a shift from inefficiency to efficiency in this PPC?

Back

From T to S