Economics basic concepts

Front

What is the fundamental concept of economics?

Back

scarcity

Front

Land, Labor, Capital and Entrepreneurs

Back

Factors of Production

Front

Man made goods used to produce other goods

Back

capital

Front

Cost of the next best alternative

Back

opportunity cost

Front

Which of the following would not cause a right shift (Economic Growth) of the PPC? New resources, New or better capital, increased demand, better education

Back

increased demand

Front

A point beyond the Production Possibilities Curve (PPC) is _______________, a point below the PPC is ________________

Back

unattainable, inefficient

Front

Which of the following is not an example of capital? Oil, tools, tractors, computers

Back

Oil

Front

Unlimited wants with limited resources

Back

scarcity

Front

Continued or additional cost of doing something again

Back

marginal cost

Front

People own and control the resources, start all the businesses and distribute the goods using supply and demand.

Back

Capitalism/Market