EPF Unit 1 pt.1

relates to a compromise where you typically give up something in return for something else

• Trade off

• Variable Costs

• Goods

• Economics

relates to a compromise where you typically give up something in return for something else

• Trade off

• Variable Costs

• Goods

• Economics

are items that satisfy human wants and provide utility

• Trade off

• Variable Costs

• Goods

• Economics

a social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services

• Trade off

• Variable Costs

• Goods

• Economics

expenses that vary

• Land

• Scarcity

• Variable Costs

• Opportunity Costs

an economics concept rooted in one of the most basic facts of life: we live in a world of limited resources that requires choices about how they are allocated.

• Land

• Scarcity

• Variable Costs

• Opportunity Costs

the cost of an alternative that must be forgone in order to pursue a certain action

• Land

• Scarcity

• Variable Costs

• Opportunity Costs

a factor of production can mean agriculture and farming to the use of natural resources.

• Land

• Scarcity

• Variable Costs

• Opportunity Costs

a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them.

• Microeconomics

• Labor

• Factors of Production

• Economic Model

a factor of production can mean agriculture and farming to the use of natural resources.

• Land

• Scarcity

• Variable Costs

• Opportunity Costs