ECONOMICS

Front

What is opportunity cost?

Back

what you give up to make a choice

Front

What is scarcity?

Back

Not having enough resources

Front

A garbage truck driver is an example of which Factor of Production?

Back

labor

Front

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

Back

land

Front

Which factor of production would you consider a lawn mower? Options: Land, Labor, Capital, Entrepreneur

Back

Capital

Front

The people who decide to buy.

Back

Consumers

Front

Our desires for goods and services are unlimited

Back

true

Front

What would mental abilities be classified as? Land, Labor, Capital, Entrepreneurship

Back

Labor

Front

What is the production possibilities curve?

Back

a graph that shows how much an economy can produce between 2 goods

Front

What is opportunity cost?

Back

the opportunity one has to give up in order to gain something else