Unit One Lesson Two Economics

Front

a physical article that has been produced for sale or use

Back

Goods

Front

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

Back

Services

Front

the resources used to produce goods and services. Economists define these resources as land, labor, and capital

Back

Factors of Production

Front

a person who assembles and organizes the resources necessary to produce goods and services

Back

Entrepreneurship

Front

the tools, machines, and buildings used to produce goods and services

Back

Capital

Front

a measure of the efficiency with which goods and services are produced, stated as a ratio of output per unit of input

Back

Productivity

Front

The next best alternative that is given up when making a choice is a measure of what you must give up to get what you want.

Back

Opportunity Cost

Front

model shows all the combinations of two goods that can be produced with the resources and technology currently available

Back

Production Possibilities Frontier

Front

Our wants are

Back

Unlimited

Front

What causes a shortage?

Back

a temporary increase in demand for a particular good or service