Economics Basics

Front

The highest-valued alternative that must be given up when you make a choice.

Back

Opportunity Cost

Front

There are 4 _______________. They are land, labour, capital and entrepreneurship.

Back

Factors of Production

Front

A group of buyers and sellers which come together to trade

Back

Market

Front

Which of the following is an example of an investment in human capital? A company builds a new factory, A state puts in a new highway, A person goes to college, A country builds new schools

Back

A person goes to college

Front

An economy in which the government decides how ALL economic resources will be allocated i.e. North Korea

Back

Centrally Planned Economy

Front

Man-made resources used in the production process i.e. machines in a factory.

Back

Capital

Front

Income from sales (also known as revenue), minus the costs of running the business.

Back

Profit

Front

Organizing land, labour and capital (factors of production), in the production of goods or services is called

Back

Entrepreneurship

Front

_______________is the idea that because of scarcity, producing more of one good or service means producing less of another good or service.

Back

Trade-off

Front

The situation in which unlimited wants exceed the limited resources available to fulfill those wants.

Back

Scarcity