Econ 1
Terms
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- Human capital
- skills and knowledge workers acquire
- opportunity cost
- most desirabel alternative given up as result of decision
- cost
- the alternative given up due to a decision
- shortage
- when a good or service is unavailable -producers cannot or will not provide
- economics
- study of how individuals and society satisfy needs and wants
- entrepreneur
- personal who starts a new business or develops an original idea
- Land
- natural resources
- production possibilities frontier
- represents the maximum amount an economy can produce
- scarcity
- limited quantities to meet unlimited wants
- factors of production
- land, labor, capital
- efficiency
- maximizing production of good and/or services
- law of increasing costs
- states- production changes from one item to another more resources are needed
- underutilization
- using less resources than capable of