Introduction to Economics

It is a social science that examines how people choose among the alternatives available to them.

• Entrepreneurship

• Economics

• Scarcity

• Shortage

It is the situation in which available resources, or factors of production, are finite, whereas wants are infinite

• Shortage

• Opportunity Cost

• Scarcity

• Choice

It is your second choice-what you give up when you make a decision.

• Choice

• Opportunity Cost

• Scarcity

• Shortage

The decisions which are made by firms, individuals, and or governments regarding which needs and wants to satisfy, and what types of products and services should be produced and bought.

• Choices

• Opportunity Cost

• Scarcity

• Shortage

The natural resources that people use: Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth.

• Labor

• Land

• Capital

• Entrepreneurship

Goods made by people to be used specifically to produce goods and services: Tools, office equipment, roads, factories, etc.

• Labor

• Land

• Entrepreneurship

• Capital

The human ability to produce a good or service: Talents, skills, physical labor, etc. the work that goes into the production of a good or service.

• Human resources or Labor

• Land

• Capital

• Entrepreneurship

An unemployed factory worker is under what factor of production?

• Labor

• Capital

• Natural resource

• Land

An untapped deposit of natural gas is under what factor of production?

• Natural Resource

• Capital

• Labor

• Land

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

• Factors of Production

• Market Economy

• Profit

• Economics