final review

Front

The ability of a nation to produce more total units of a good or service

Back

Absolute Advantage

Front

Economic system where the 3 economic questions are answered by the government

Back

Command Economy

Front

The ability of a nation to produce a good or service at a lower opportunity cost

Back

Comparative Advantage

Front

Guide the decision making process of the manufacturer/producer/provider of goods & services:

Back

Economic Questions: What, How, For Whom

Front

The resources required to create a good or service.

Back

Factors of Production: Land, Labor, Capital, Entrepreneurship

Front

Knowledge or skills of how to do something obtained through life experience, training, education, and/or other methods of learning

Back

Human Capital

Front

Economic system in which the 3 economic questions are answered by consumers and producers

Back

Market Economy

Front

Unlimited wants intersecting with limited resources

Back

Scarcity

Front

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

Back

Scarcity

Front

An opportunity cost is

Back

the next-best alternative you give up in order to do something else.