Unit 1 Fundamental of Economics Vocabulary Flashcards

Front

TRADEOFF

Back

The other choices

Front

Productive Resource

Back

Objects that are used to produce goods and services.

Front

HUMAN RESOURCE

Back

The labor force, people used for services and goods

Front

Natural Resource

Back

Substances found in the world used to make goods and services.

Front

PHYSICAL CAPITAL

Back

Human-made objects used to make goods

Front

ENTREPRENEURSHIP

Back

The process of owning a business

Front

Marginal Benefits

Back

Additional reward for making one more unit

Front

MARGINAL COSTS

Back

Additional expense for one more unit

Front

Incentives

Back

What motivates us to do something.

Front

Specialization

Back

Expert in one field or area