Fundamental Economics

Front

In economics, the value of the next best alternative is called _________.

Back

Opprotunity Cost

Front

In economics, resources are:

Back

Anything used to create something else

Front

Resources (a.k.a. the factors of production are)

Back

Land, Labor, Capital and Entrepreneurship

Front

Workers

Back

Labor

Front

What are the factors of production? Options: Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

Raw materials (i.e. cotton, oil...etc.) are classified under which category? Options: Land, Labor, Capital, Entrepreneurship

Back

Land

Front

The people who bring all the factors together to create something are practicing

Back

Entrepreneurship

Front

The opportunity cost of moving from A to B and C to D is

Back

25 units of guns

Front

The opportunity cost of increasing production from 7 to 9 trucks is

Back

3 boats

Front

If a natural disaster strikes, the production possibilities curve can shift

Back

Inward