Economics Basics

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Scarcity

Back

A basic condition that exists when unlimited wants exceed limited productive resources.

Front

Productive Resources

Back

Factors of production that include land, labor, capital, entrepreneurship.

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Land

Back

Natural resources.

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Labor

Back

All paid work done by a person.

Front

Human Capital

Back

A person’s knowledge and experience.

Front

Physical Capital

Back

Anything man-made used to produce a good/service.

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Entrepreneur

Back

Business owner motivated to take risks for profit, job creation, innovation, and improving society.

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Trade offs

Back

Any good or service you do not choose.

Front

Opportunity cost

Back

The next best alternative given up when individuals, businesses, and governments confront scarcity by making choices.

Front

Limited

Back

Only so much is available