Economics Retrieval

What is economics?

• The struggle from limited resources versus unlimited wants.

• The study of scarcity.

• When you exchange one thing for something else.

• What you sacrifice when choose something else.

What is scarcity?

• The study of economics.

• The study of limited resources versus unlimited wants.

• tools

• When you sacrifice one thing for another.

What is a trade-off?

• When you sacrifice one thing for another.

• What you give when you choose something else.

• Mental or physical work.

• When two countries exchange goods and services.

What is an opportunity cost?

• Limited resources versus unlimited wants.

• When you sacrifice one thing for another.

• What you give when you choose something else.

• When the three basic economic questions get answered by buyers and sellers.

What are the four factors of production?

• Land, labor, capital and employees.

• Capital, labor, entries and land.

• Entrepreneur, land, labor, and capital.

• Labor, capital, entrpreneur, and tools.

What is land?

• Tools

• Mental or physical work.

• What you build on.

• Natural resources from the Earth.

What is labor?

• Mental or memory work.

• One of the three basic economic questions.

• Tools.

• Mental or physical work.

What is capital?

• Washington D.C.

• Mental or physical work.

• Tools.

• The study of economics.

What is an entrepreneur?

• Work you do for someone else.

• The person who takes the land, labor and capital and coordinates them to make a good or service.

• Natural resources from the Earth.

• A French painter.

What is a good?

• Something made or grown.

• Work you do for someone else.

• Tools.

• When you behave yourself.